Key Bitcoin Metric Is Most Bullish In 4 Years
Plus the latest craziness in the personal tokens space
Happy Monday, Blockfolians
At 60.63%, the percentage of bitcoin that haven’t moved in more than a year is the highest it’s been in 4 years.
So, why is this bullish?
It means that investors are consolidating, and that even those who bought at the cycle bottom in 2018 have been unwilling to sell and take profits. This suggests confidence in the market to reach further heights.
Here’s what Dhruv Bansal, co-founder and CSO of Unchained Capital, had to say:
investors “who bought bitcoin on the way down from $6,000 to $3,000 in 2018 are still holding it despite the tremendous gains since then and the recent economic turbulence.”
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Highly Relevant Reading
South Korea’s central bank has formed a research group to focus on a central bank digital currency
OKEx has partnered with Paxful to expand fiat on- and off-ramps
FinTech darling Revolut gives buyers legal ownership of their crypto - sorta
According to JPMorgan, the last few months have seen bitcoin pass a key stress test
In the latest crazy development in the personal tokens space, this pioneer is now allowing token holders to vote on key life decisions
When Bloomberg’s Joe Weisenthal dedicated his column to expounding upon 6 reasons that bitcoin hadn’t had a very good year, the community clapped back.
A Really Big Number We Should Be Paying Attention To
$373 Million / 10x
That’s the total open interest in CME bitcoin options - and the size of the growth since just 1 month earlier. Hot damn!
The Fed is going to start buying corporate bonds.