One metric indicates Bitcoin (BTC) gets close to the end of its “cyclic bottom,” according to Ki Young Ju who is the chief executive of the on-chain platform CryptoQuant.
Unspent transaction output (UTXO) age bands are “a set of all active supplies that were last moved within a specified age band.”
It’s been also revealed that they track the trading behavior of long-term and short-term holders, according to CryptoQuant.
According to Ju, the on-chain metric suggests that Bitcoin is “getting close to a cycle bottom.”
The CryptoQuant CEO also notes institutions that bought Bitcoin in 2020 have mostly kept their BTC stacks dormant.
“For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020. Their entry price is $23,000.”
Bitcoin is in an accumulation phase
Ju says it’s “pretty obvious” that Bitcoin is in an accumulation phase.
“Institutions that drove the 2021 bull-run bought in this $25,000-30,000 range too.”
The CEO also recently noted that retail investors are leaving the crypto market while institutional investors continue to accumulate digital assets.
“Not bad for accumulating Bitcoin with institutions, but still worried about overall volume which is significantly decreased compared to last year.”
Michael Saylor on Bitcoin
MicroStrategy’s CEO is long-term bullish on Bitcoin despite a gloomy macro backdrop.
In a new Fox News interview, Saylor says that Bitcoin is the “most certain thing” in a world that’s facing a lot of uncertainties.
“In a market full of chaos and sound and fury, people need a safe place to stand apart from the intervention of a government, an agency or a corporation.”
He went on and said this:
“Bitcoin represents a fair, open, equitable network with a very simple promise to anyone who wants to join, which is, what you own is yours, and no one is going to take it away from you.”