Crypto Holders Retain Bitcoin Amid $70,000 Surge

Following Bitcoin’s price touching $70,000, more than half of the coins remain inactive, indicating long-term confidence in the asset. This conclusion was reached by CryptoQuant, reports CoinDesk.

The lack of on-chain movements of such a high proportion of supply may suggest further price increases, experts added. In other words, the sentiment remains “stubbornly bullish.”

“Despite negative headlines about Mt. Gox and the DMM hack, Bitcoin confidently rose above $69,000 during the Asian trading session. The rise is likely to continue as the market anticipates that a spot ETH-ETF will trigger new demand. Another reason for the bullish sentiment is the increase in long positions by speculators in other cryptocurrencies in anticipation of additional product approvals in the near future,” experts wrote.

Bitfinex reached similar conclusions. Analysts noted that Bitcoin’s decline since March was driven by sales from long-term holders. According to their on-chain analysis, the trend has slowed, and investors have shifted to accumulating coins.

Earlier, Matrixport co-founder Daniel Yan stated that after Ethereum, the next candidate for an exchange-traded fund launch could be Solana.

Analysts at Bernstein have forecasted inflows into digital asset-based ETFs to reach $100 billion in the next 18-24 months.