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While long-term investors appear unaffected by the surge, the rally sets the foundation for a ‘resumption of the 2023 uptrend,’ analysts say Bitcoin (BTC) volatility explosion on Oct. 24 has set the market ready for a new rally as a “meaningful proportion of supply and investors now find themselves above the average break-even price,” Glassnode says. In a research report on Oct. 24, analysts at the blockchain analytics firm noted that over 80% of Bitcoin supply is now in profit as the market is approaching year-to-date highs. Bitcoin supply in profit | Source: Glassnode However, long-term holders (LTH) seem unaffected by this week’s rally as almost 30% of their supply is “held at a loss,” analysts say. You might also like: Bitcoin to hit $45k in 2023 as funding rates signal FOMO The current state of affairs for Bitcoin holders is similar to late 2015 and early 2019 and the March 2020 bottom, suggesting that the current ...

Inactive Bitcoin addresses have hit all-time highs across one-, three- and five-year time domains while BTC outflows from exchanges continue. On-chain data suggests that Bitcoin (BTC) holders are accumulating BTC with exchange holdings down to yearly lows and the percentage of in active BTC supply at all time highs . According to Glassnode’s Bitcoin supply last active chart, in active BTC that has not moved from an address for more than 1, 3 and 5 year time frames has been at all time highs since July 2023. These metrics are mirrored by Bitcoin analytics from Coinmarketcap that tracks wallet addresses by the amount of time they’ve been holding BTC. An estimated 69%, or 36.8 million addresses have been holding BTC for more than a year. Source: Coinmarketcap Bitcoin analytics. CryptoQuant charts also reflect Bitcoin outflows from exchanges that have steadily declined from July 2021, with just over 2 million BTC tipped to remain on exchanges. Source: CryptoQuant. Coinglass’s Bitco...

Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins. T ether (USDT) continues to benefit from the ongoing turmoil in the U.S. dollar-backed Stablecoin industry with its market capitalization growing significantly in Q1 2023 at other stablecoin s' expense. Tether market cap reaches $80 billion On April 6, the circulating market cap of USDT surpassed $80 billion for the first time since May 2022 with a gain of $15 billion so far in 2023. USDT circulating market cap 12-month performance. Source: Messari On the other hand, the market caps of its chief rivals, namely USD Coin (USDC) and Binance USD (BUSD), fell by about $12 billion and $9.4 billion, respectively. USDC and BUSD circulating market cap year-to-date performance. Source: Messari Tether benefits from non-U.S. status Crypto traders opted for Tether given the growing concerns around USD Coin and Binance USD. Notably, USDC market capitalization...