According to glassnode's data, addresses falling under the category of Shrimp (addresses holding
A significant number of HODLers remained confident in the BTC’s long-term potential.crossed the $30,000 mark, many addresses started to exit their positions. However, a few retail addresses continued to HODL through the uncertainty that Bitcoin was facing.The above observation was indicated by glassnode’s data, which showcased that Bitcoin’s Total Supply held by Long-Term Holders continued to push toward new all-time highs.
Additionally, those who bought the FTX dips are holding on tight, with remarkably little selling seen among this group.Not only were retail investors observed to be holding on to their Bitcoin, but they were also buying up a large amount of BTC. Interestingly, these investors were observed to be purchasing more BTC as compared to the total amount of new Bitcoin mined each month.It indicated the demand was getting higher than the supply. Now, this could be a bullish sign for Bitcoin.
If this trend continues, the selling pressure on the miners would reduce further, thereby diminishing the chances of a price correction in the near future.Another reason for the increase in miner revenue was the rising interest in Bitcoin Ordinals and Inscriptions.
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