Report from Bitfinex: 69.2% of BTC Supply Has Been Dormant for Over a Year
A report released by Bitfinex shows that 69.2% of the BTC supply has been dormant for over a year. This trend indicates the accumulation strategy commonly adopted by long-term holders and their steadfast belief in the long-term value of Bitcoin, even during the recent downturn in the cryptocurrency market. Specifically, 55.7% of the Bitcoin supply has been dormant for over two years, with 40.1% remaining idle for over three years, and 29.1% of holders have not made any changes for over five years. It is the long-term holders who truly make money. They simply hold onto their coins, regardless of market fluctuations, and even the "whales" cannot do anything about it. It is clear that frequent trading is destined to result in the majority of people not making any money!
Key News Overview:
- Bitfinex: 69.2% of BTC supply has been dormant for over a year.
- Tether CTO: Launch of PayPal stablecoin will not affect Tether.
- Steadefi: The protocol has been exploited, and all funds are currently at risk.
- Coinbase to repurchase $150 million of notes due in October 2031.
- CoinShares: Institutional investors stop shorting Bitcoin for the first time in three months.
- Cathie Wood: SEC may approve multiple physical Bitcoin ETFs simultaneously.
- Patrick McHenry: Stablecoins are expected to become the cornerstone of the 21st-century payment system.
- CF Private Equity prepares to launch a blockchain-specific fund, aiming to raise $100 million.
- Cathie Wood: SEC may once again postpone the decision on ARK Invest's physical Bitcoin ETF.
- Paxos strategic director: Regulated stablecoins from PayPal mark a "watershed moment" for the crypto industry.
- Chairman of the House Financial Services Committee: Legislation on stablecoins is necessary following PayPal's stablecoin launch.
BTC:
Recently, ygg can be said to be the most eye-catching project in the market. It surged 5 times in 4 days. Despite this surge, Huage believes that most people still haven't made money, and some may even have lost money. Firstly, the surge happened too quickly, and many people missed the opportunity to get in. Secondly, most people were involved in futures contracts. With the fluctuations of one to two times up and down yesterday, it's certain that the majority were liquidated or stopped out. It's clearly a case of market manipulation by the "whales," benefiting the project parties and exchanges. The exchanges allow these "whales" to act recklessly without intervention, indicating that our industry is still in its early stages and lacks proper regulation. Seize the time when it's not regulated, seize a bull market, and you can achieve a class leap.
As for today's market, Bitcoin once again touched the support level near the 120-day moving average, showing a rebound after the decline. The recent market has been fluctuating below the 30-day moving average and above the 120-day moving average. It's currently a volatile market, so it's best to observe more and act less. The recent focus is on altcoins. If the altcoins collectively collapse, it's highly likely to affect the overall market. Therefore, caution is advisable at this time.
ETH:
Ethereum is experiencing localized downward fluctuations, and its overall trend is not strong. The resistance level for a rebound remains at the 120-day moving average.
XRP:
XRP has been declining for over twenty days. Occasionally, there may be rebounds, but these are not indicative of a reversal. They are just temporary rebounds, and the mid-term trend for XRP is still downward.
ARB:
Recently, the trend of OP is relatively strong, but ARB's trend is relatively weak. This also indicates that the upgrade of Cancun has not been speculated on yet. If the upgrade of Cancun is speculated on, all second-layer tokens will be activated, and ARB's trend will be influenced by the overall market.
OP:
On August 9th, Coinbase's Base Chain launched its mainnet using OP Stack technology. This news likely influenced the market's rise, and the overall trend is very good, showing an upward oscillation. It's advisable to hold as long as the trend is not disrupted. Once the trend is disrupted, remember to exit!
Platform Tokens:
BGB is oscillating at a high level, and there are no short-term trading opportunities. Patience is required.
Wealth Code:
As long as Bitcoin continues to oscillate at a high level, altcoins will erupt. You can choose some low-level altcoins with good trends or strong altcoins for layout.
The above analysis is for reference only and does not constitute investment advice. Follow Huage's official account to stay on track!
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