According to recent on-chain data, Bitcoin (BTC) reaching $30,000 has become the most popular “buy” level ever. The data provided by crypto analytics firm Glassnode shows that a significant amount of BTC changed hands near the current spot price. While BTC’s price action may have stalled near the $30,000 mark, buyer behavior indicates a high demand for the largest cryptocurrency at this level.
Glassnode, which monitors unspent transaction outputs (UTXO), reveals that $30,200 is the price at which the largest number of BTC was created. The data comes from the firm’s Entity-Adjusted URPD (UTXO Realized Price Distribution) metric. This metric counts UTXOs but excludes certain transaction types that could give a false impression of demand. By excluding coin movements between addresses controlled by the same entity and all supply on exchanges, Glassnode aims to provide a more accurate mean purchasing price. The result shows that 3.8% of the total BTC supply last moved at $30,200, surpassing even the movement at $16,500, which marked the area near the 2022 post-FTX bottom.
Traders and analysts have taken note of this data, with popular trader Mikybull Crypto commenting on Twitter that a “big move is coming.” The non-entity adjusted data set also displays similar numbers, further affirming the potential for significant market action.
In addition to the buyer interest near the $30,000 level, other on-chain data suggests that long-term BTC holders are not interested in selling their stakes, despite the price doubling this year. Glassnode’s Hodled or Lost Coins metric tracks “old and large stashes” of BTC and indicates how stagnant the supply is. The metric takes into account the liveliness of the Bitcoin blockchain, considering how much of the supply moves at once and the dormancy period. Currently, the Hodled or Lost Coins segment includes 7.77 million BTC, with an estimated worth of around $233 billion, making it the highest tally in five years. It is believed that around 20% of Bitcoin’s total supply may already be locked from circulation forever.
It is important to note that this news article does not provide investment advice or recommendations. As with any investment or trading decision, there are risks involved, and readers should conduct their own research before making a decision.