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Bitcoin On-Chain Data Reveals Strong Long-Term Conviction: Market Update

Bitcoin (BTC) has remained a topic of intense interest in the cryptocurrency market, with its recent price movements and on-chain data providing insights into the state of the ecosystem.

According to recent reports, over 50% of the Bitcoin supply has remained inactive, indicating a strong long-term conviction among investors . This trend is particularly noteworthy as it comes amid the recent market volatility, with Bitcoin sliding to $69,200 early Tuesday, amid broader profit-taking after briefly crossing the $70,000 level late Monday.

The price action across major cryptocurrencies has been mixed, with some meme stocks and tokens experiencing significant gains, while others, such as Ether and Dogecoin, showing slight losses . Cardano’s ADA and Solana’s SOL, on the other hand, rose as much as 3%, reflecting the diverse nature of the cryptocurrency market.

The recent on-chain analysis by CryptoQuant revealed that 50% of the long-term Bitcoin supply was “inactive,” meaning that these coins have not moved or seen any changes in their holdings across tracked wallets. This is considered a strong indicator of long-term conviction, which may suggest the potential for further price gains in the future.

The bullish sentiment around Bitcoin’s continued growth remains “stubbornly” present, according to Singapore-based QCP Capital, which noted an increase in trading activity.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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