Glassnode: “We Are Coming to a Milestone in Bitcoin”

Glassnode has released its weekly report on the trend in Bitcoin. In his evaluation of the platform, he stated that his findings regarding Bitcoin investors were generally positive and said, “We see that investor behavior has now reached a turning point in on-chain data. This could start a new cycle.” it was said. Stating that Ordinal NFTs, which can be stored in a satoshi on the blockchain, bring great mobility in on-chain activities, the platform stated that more than 140 thousand Ordinal NFTs were created on the Bitcoin network just last week.

Glassnode also gave important information about BTCs, which it separated as young and old coins. It has been written that the supply of BTCs that have been sleeping for at least 6 months, that is, they have not moved at all, is very close to the record level with 15 million BTC. It was also stated that the number of coins that have not moved for more than a year broke a record with 12.9 million units this week. Glassnode noted that despite the 50% price rise since the start of the year, many “old coins” are still dormant.

Stating that coins younger than 6 months have been around 4.3 million BTC since the beginning of the year, Glassnode noted that this is an indication that old investors are still looking away from selling. The platform stated that like long-term investors, short-term investors do not think of selling during this period.