The Bitcoin price is slowly moving in the right direction again, and several metrics paint an exciting picture. Many people are holding on to their recently acquired BTC, which is a positive sign. However, the miner NetFlow is also rising, which can negate some bullish momentum. 

Bitcoin Holders Unite

One of the most straightforward ways to invest in cryptocurrency is by buying and holding Bitcoin in one’s wallet. The longer one holds onto that BTC balance, the bigger the price potential tends to become with this currency. It is one of the strongest performing assets every year, making this approach a no-brainer. Even so, it is also one of the most liquid crypto-assets with more than sufficient trading volume. 

Speaking of the trading volume, several Bitcoin holders are suddenly keener on holding their BTC in a wallet. The supply last active three-to-six months ago has hit a 15-month high. More specifically, nearly 2 million BTC has not moved in the past three months or longer, which is rather intriguing. 

-Advertisement-

BLocdesk Dormant supply
Source: Glassnode

One contributing factor to these numbers is the Bitcoin treasuries set up by public companies. Various organizations have been stocking up on Bitcoin over the past three to six months. None of them are intent on selling BTC right away, effectively removing Bitcoin from the circulating supply. Fewer BTC available for purchase should positively affect the price, although it might not necessarily be visible immediately. 

As the price is going up, one has to wonder if this 15-month high will remain intact. A higher price usually makes people more eager to sell BTC, even if the profit is minimal. Additionally, the $60,000 level will likely act as strong resistance for a while. Even so, there is some exciting momentum building, by the look of things, which is all one can ask for under the current circumstances.

Miner Netflow Is Rising Again

As is often the case when looking at various metrics, specific data will stand out. While the BTC holders appear to prefer holding onto their portfolio for a while longer, the miners might not share that outlook. The miner outflow is rising quickly and records a new one-month high. This is not necessarily problematic yet, but it is something worth keeping an eye on.

BlocDesk BTC Miner netflow
Source: Glassnode

At the current rate, the miners bring over half a million dollars in Bitcoin liquidity to exchanges and trading platforms, based on the 7d moving average.  It is not a spectacular amount compared to the overall BTC trading volume. However, the timing is rather intriguing, with the price going up and holders refusing to sell large chunks of BTC. 

When putting these metrics side by side, the coming days will be rather crucial for Bitcoin. If the current price momentum stalls again, it may take a while to attempt another push to $60,000 or higher. These markets remain volatile and unpredictable under the best of circumstances. Any minor disruption can have serious consequences.