Despite ongoing conflict in the Middle East and general global uncertainty, Bitcoin’s price almost hit $76,000 on Tuesday – a level it hasn’t reached in six weeks.
According to data from Alphractal, Bitcoin is seeing very little activity from older coins, with the Coin Days Destroyed Multiple reaching its lowest point since 2022. This suggests that long-held Bitcoins are largely being held and not spent.
Veteran Holders Stay Put
Alphractal clarified that the metric gauges how much Coin Days Destroyed deviates from its typical pattern. It compares current coin spending to a long-term average, helping to determine if long-term coin holders are selling more or less than usual.
Recent data shows that a significant amount of older Bitcoin hasn’t been moved, indicating that long-term investors are generally holding onto their coins.
The analysis shows that many current coin holders bought at higher prices and are now holding, meaning most of the coins available have been held for a shorter time. Additionally, the data suggests that long-term holders aren’t likely to sell off their coins anytime soon, which keeps selling pressure low.
Historically, when this metric has been this low, it’s often signaled a period where long-term investors are holding steady before a major price change happens. Essentially, it’s a pause before the market moves strongly in one direction.
Recent Bitcoin price increases are coinciding with a surge in positive feelings among investors, according to data from Santiment. This excitement – often called ‘fear of missing out’ or FOMO – is at its highest point since early January. Analysis of social media conversations on platforms like X, Reddit, and Telegram shows that positive comments about Bitcoin are now significantly more common than negative ones, with a ratio of 1.67 to 1.
Recent data suggests Bitcoin is starting to bounce back, with increased buying after a significant drop in February. Even with global political uncertainty and expectations that interest rates will stay the same, CryptoQuant reports that Bitcoin has held its value surprisingly well compared to stocks and other commodities.
Buyer Dominance
Recent data from Binance and Coinbase shows a shift in trading activity, with buyers becoming more dominant. On February 16th, both platforms saw significantly more selling than buying – Binance with a net outflow of $145 million and Coinbase with $88 million. However, this trend has reversed, and as of recently, both exchanges are now experiencing more buying pressure, with Binance at around +$21 million and Coinbase at +$14 million.
Although things are looking better, experts note that trading volume is still low. They need to see this positive trend continue before they’re confident prices will rise.
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2026-03-17 22:08