Data provided by CryptoQuant and Glassnode suggests that long-term investors may be driving bitcoin (BTC) prices even higher.
CryptoQuant’s 1,000 to 10,000 BTC unspent transaction output (UTXO) Value Bands have been gradually rising since December 2022. An increase in bitcoin’s UTXO value, along with firm prices, indicates that 2022 could have been a long-term bottom. UTXOs are the leftovers of a cryptocurrency transaction, and are known to be “the most trendy indicator according to its price”.
Glassnode data also indicates that the number of coins held in self-custody or lost wallets is at a five-year high of 7,781,224 BTC. This news comes after the recent judgement in which the US Securities and Exchange Commission (SEC) accepted recent spot BTC ETF applications.
As of writing, BTC is trading at $30,275, slightly down from its local top of $31,814 on July 13th. The 24-hour trading volume has increased by 2.22% to $8.2 billion.
Overall, these long-term indicators suggest a slow but steady rise for bitcoin ahead.
