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Title: 1.28 BTC Bought for Every Bitcoin Sold: Is a New ATH Coming?
Bitcoin (BTC) has been on an upward trajectory, bolstered by substantial buying activity and a persistent imbalance in the buy-to-sell ratio since September. This phenomenon may be indicative of an extended rally or even a new all-time high.
Since September, a consistent mismatch between selling and buying has emerged, with investors purchasing $80 billion worth of BTC monthly. This unprecedented demand is a testament to growing confidence in the asset’s value, which could ultimately lead to further price appreciation.
In a recent report, analyst James Van Straten observed that an overwhelming majority of addresses holding BTC for more than two years without transacting have been responsible for most of the sales. Contrariwise, early investors and short-term holders are driving the significant buying activity.
According to data from X, over 843,113 BTC was sold between September and now, whereas an astonishing 1,081,633 BTC was acquired during this period. Daily numbers reveal that buyers have been snapping up a total of 12,432 BTC per day, compared to 9,690 daily sales. This stark contrast in favor of buying has effectively kept the price from plummeting significantly.
Notably, this accumulation has allowed Bitcoin to maintain its position above the $90,000 mark following its recent record-breaking high. It is difficult not to notice that these developments have paved the way for a prolonged upward trajectory.
The influx of funds into the market has been so substantial that analyst Ki Young Ju emphasizes that nearly half of all capital invested in Bitcoin over the past 15 years was added this year alone. In light of this data, it becomes increasingly challenging to envision an immediate price correction.
Bitcoin’s short-term prospects also appear promising. Despite a 0.28% decline within the last day, market indicators continue to suggest a bullish outlook. The funding rate has remained positive at 0.0100% over the past eight hours, indicating that long traders are working together to maintain stability in both spot and futures markets.
Accordingly, this phenomenon could not be seen as anything other than a minor retracement with the bulls firmly in control.
To summarize, Bitcoin’s impressive buying momentum combined with its short-term outlook has created an environment ripe for further price growth.
Source: ambcrypto.com
