фото показано с : bitcoinexchangeguide.com

In less than a fortnight, Bitcoin reward halving would be here that will cut down Bitcoin’s inflation rate in half. And it’s to be seen how this supply deficit would be greeted by the market this time.

While price-wise the world’s leading cryptocurrency has already started to see action, in the past five days BTC/USD has jumped over 13% to $7,700.

Just like price, on-chain metrics are also suggesting bullish sentiment among the market with investors increasing their positions and HODLing on tight to their BTC.

According to crypto analyst Glassnode, long term hodlers remain unfazed by the volatility, with 42.83% of all circulating BTC not moved for at least two years. In the past year, it increased by 10.4% despite the investors experiencing one of the largest market crashes in history.

One month from the Black Thursday, the number of BTC last active between one and three months ago also began to spike and has now hit YTD highs to 2,037,503.

This lack of movement means those that bought the bottom have been holding onto their new positions and market recovery has market participants favoring mid to long term holding strategies.

HODLer Net Position Change also remained positive during the bear onslaught only to climb to yearly highs in the latter half of April, suggesting long term holders not only held steady but also capitalized on the BTC discount to increase their positions.

Interestingly, the BTC balance on exchanges declined by over 10% since the February high. The outflow trend briefly interrupted when the price crashed only to accelerate after and since continuing.

“Withdrawal of funds from trading platforms could further reinforce the idea of more bullish long term expectations from traders,” noted Glassnode.

The increased interest in bitcoin is primarily from the retail sector as the total number of addresses holding BTC grew by nearly 25% with lower balance brackets hitting all-time highs.

Whales meanwhile are also making a comeback, with those entities holding at least 1,000 BTC hitting a 2-year high “exhibiting an accumulation pattern similar to one that we had seen in the lead up to Bitcoin's previous halving.”

Both price and on-chain metrics are pointing towards an “optimistic outlook” from the investors ahead of halving but we are still in the midst of instability and uncertainty in both traditional and crypto markets.

As such, it is to be seen if the bullish momentum will continue or take a back seat after halving.

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