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://earlybird.email/

Submitted November 01, 2021 at 09:27PM by MrComedy325 https://bit.ly/3w5FKl5