Data On Bitcoin’s Average Spent Output Lifespan – Investors Confidence For Bitcoin Increases

Data On Bitcoin’s Average Spent Output Lifespan – Investors Confidence For Bitcoin Increases
Investor confidence in Bitcoin rises as number of older coins spent hits 35-day low
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Investor confidence in Bitcoin rises as number of older coins spent hits 35-day low
Investor confidence in Bitcoin rises as number of older coins spent hits 35-day low
While the price of Bitcoin (BTC) remained over $56,000 on Thursday, December 2, it has been trading in a state of limbo, having made its seventh unsuccessful attempt to break the $59,000-$60,000 level on December 1.
Cryptocurrency traders are unsure of the direction Bitcoin will go, but recent data on Bitcoin’s Average Spent Output Lifespan (ASOL) as of December 1, suggests confidence may be growing, according to blockchain analytics and intelligence firm Glassnode.
A decline in ASOL indicates that investor confidence is increasing and fewer coins are being spent, whilst a rise in ASOL indicates that gains are being taken during corrections.
Indeed, only a few weeks after peaking in late October, the Bitcoin entity-adjusted ASOL (7 day EMA) has fallen to a remarkably low level of 35 days, indicating that investors with old coins taking profits are on a downwards trend.
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