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.
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