Story Highlights:
- Bitcoin long-term holders continue accumulating, with the realized cap rising by $3 billion, indicating strong market confidence.
- Miner selling pressure has decreased, signaling potential price stability and paving the way for a Bullish September.
- The stablecoin supply ratio suggests increased liquidity in the market, potentially fueling a Bitcoin rally in the coming weeks.
As Bitcoin begins in September, the market is heading toward a bullish run. While BTC prices could not exceed the $ 60,000 psychological level on the weekly chart, mobile long-term holders or LTHs are bullish for 2024. It has been surprising that the price of Bitcoin went below the 200-day EMA twice in the last two weeks, ending at $58,732, only to retrace in a day and go back to the $60,000 mark. The fact that LTHs returned to the market so quickly shows they are as optimistic about the future as before the price fell.
Long-Term Holders Accumulate as Realized Cap Hits $3 Billion
The commitment of long-term holders is further underscored by the realized market capitalization, which recently saw a net positive value of $3 billion. Based on the realized price, this metric, expressing the total compounded value of all profits gained less the losses incurred, has been climbing, which implies that regardless of the STHs’ ramp-up in selling, LTHs are continually stacking their Bitcoins. These two groups show the difference in market behaviors; for instance, LTH continues with bullish news buying but holds because of volatility.
Miner Selling Pressure Decreases, Signaling Stability
The second hope for Bitcoin in September is reducing miners’ selling pressure. Holders reduced BTC selling through exchanges over the second quarter of this year, and this trend has been constant over the last two weeks. Miner reserves have started to build up once again, and given the overall stability of Bitcoin’s price around its current levels, it could provide a starting point for another uptrend.
The Stablecoin Supply Ratio Indicates High Liquidity For Bitcoin
The stablecoin supply ratio (SSR) is leaning towards a bullish scenario. The specified total crypto market cap ratio to the total of all stablecoins, referred to as the SSR, has declined to the beginning of February 2024. Therefore, if SSR is low, there is a lot of liquidity in the market, and people still have other external capital that can be invested in Bitcoin. The liquidity available is further up by the market cap of stablecoins, which is at an all-time high of $165 billion, implying that the Bitcoin market is due for some action.
Personal Note From MEXC Team
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