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- IntoTheBlock’s on-chain report revealed that addresses holding at least 0.1% of Bitcoin’s (BTC) supply saw strong net inflows during the third quarter of the year.
- Despite Bitcoin (BTC) dropping to $25,000, IntoTheBlock stated that these addresses recorded a single-day inflow of $600 million, indicating they are quietly bullish.
- While BTC saw significant net inflows to addresses holding at least 0.1% of its supply, the asset recorded negligible net outflows of $90 million from centralized exchanges during the quarter.
According to information from IntoTheBlock, addresses holding at least 0.1% of the Bitcoin (BTC) supply saw strong inflows in the 3rd quarter of the year.
Bitcoin Giants Saw Significant Inflows in Q3
Analytical firm IntoTheBlock‘s on-chain report for the third quarter of 2023 showed that addresses holding at least 0.1% of Bitcoin’s (BTC) supply saw strong net inflows during the third quarter of the year.
Despite Bitcoin (BTC) dropping to $25,000, IntoTheBlock stated that these addresses recorded a single-day inflow of $600 million, indicating they are quietly bullish. Following the $600 million single-day inflow in BTC, the same wallet category experienced three other net inflows, each exceeding $400 million, indicating strong interest being quietly accumulated.
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Notably, these significant net inflows occurred during a period when there were outflows from centralized exchanges. IntoTheBlock believes that these wallets belong to organic buyers and are not merely addresses of centralized trading platforms.
However, according to IntoTheBlock, if the United States Securities and Exchange Commission (SEC) decides to delay its decision on spot Bitcoin exchange-traded funds (ETFs), the patience of these holders could be tested.
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While Bitcoin saw significant net inflows into addresses holding at least 0.1% of its supply, the asset saw negligible net outflows of $90 million from centralized exchanges during the quarter. This figure is $1.3 billion less than the second quarter of 2023 and $140 million more than the third quarter of 2022.
In the third quarter of 2023, Bitcoin fees dropped by over 71% compared to the second quarter, when the BRC-20 tokens and the Ordinals protocol introduced meme tokens trading on the network. However, the increase in Bitcoin network transaction fees by more than two times compared to the third quarter of 2022 indicates that Ordinals brought continuous demand to the ecosystem.
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Increasing Long-Term Bitcoin Holders
Meanwhile, on-chain metrics indicate an increase in the number of long-term BTC holders, a trend that is similar to a cycle observed in 2017, which eventually led to a major price surge for the cryptocurrency in 2020.
According to COINOTAG, the increase in long-term BTC holders will have significant effects in 2024, marking the beginning of a rising bull cycle that will extend into 2025. With approximately two million Bitcoins left to be mined, analysts believe the crypto community may experience a major supply shock, which could significantly impact the value of Bitcoin.
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