Bitcoin’s long-term holders have been increasing their holdings during the latest bull rally, indicating their confidence in the coin. Data shows that the percentage of supply held for more than five years has been on the rise for multiple years. Additionally, 80% of Bitcoin is owned by long-term investors, reaching new highs in October. This could be attributed to the upcoming halving in 2024, which will make BTC scarcer. Investors in the derivatives market are also accumulating Bitcoin, as seen through green Funding Rate and Taker Buy-Sell Ratio. Miners are also enjoying profits, as indicated by Glassnode’s data.
AI Sentiment: Positive