The largest cryptocurrency by market cap, Bitcoin remains in a period of stagnation as its price fails to gain momentum following the release of the Federal Open Market Committee (FOMC) minutes. Unfortunately, this lack of positive influence extends to the broader cryptocurrency market, which is currently experiencing a downturn.
According to a popular crypto analyst, Bitcoin’s price is yet to align with its “out-of-control” fundamentals. In a recent YouTube video, the anonymous host of InvestAnswers shared insights and highlighted that Bitcoin’s fundamental metrics are showing positive trends across the board, with the exception of BTC’s supply on exchanges, which is decreasing.
When a significant amount of Bitcoin is withdrawn from exchanges, it can indicate a bullish period as influential investors accumulate this leading digital asset. The InvestAnswers host further explained the increasing supply held by long-term holders, which currently stands at approximately 14.5 million Bitcoin.
“Then we have addressed with a balance greater than one Bitcoin — over 1 million. Of course, many people have five wallets or more, so that doesn’t mean there are a million whole-coiners, ladies and gentlemen. There’ll never be more than 330,000 whole-coiners. But that is just an interesting stat to look at too,” the analyst said.
He said that Bitcoin’s fundamentals are incredibly strong, with various metrics showing positive trends. The supply of Bitcoin on exchanges is decreasing, indicating a potential bullish period as large investors acquire more of the cryptocurrency. However, despite these favorable fundamentals, the price of Bitcoin has not fully reflected the current situation.
The king coin is struggling to bounce back and is currently trading at $26,217. Bitcoin attempted to breach the $26,500 level but then hit reverse.