Bitcoin Faces a “Supply Shock” Due to Little Profit Taking

As the price of Bitcoin reached an all-time high in October, a recent report from Kraken Intelligence sheds light on what’s behind the surge.Details: The data from the report points to a potential supply shock where long-term holders are not taking profits. The number of bitcoins that haven’t moved in the past 6 months has already reached a 3-year low, according to the report.Big Picture: Basically, the report finds a lot of strength among long-term holders and mining pools. This includes individual miners who have realized modest profits.Numbers: The price of Bitcoin skyrocketed over 35% in October.Final Thoughts: Despite these trends, the report concludes that there is a considerably healthy macro environment for Bitcoin.Hope you enjoyed this commentary. Please subscribe to Early Bird, a free daily newsletter that helps you identify crypto trends: https://bit.ly/2ZFx8FZ via /r/Bitcoin https://bit.ly/3w5FKl5