HODL Tight: Bitcoin’s Bullish Signal Hits 15-Year Peak—Are You Ready?

Bitcoin just flashed its most bullish signal since the Stone Age of crypto—or at least since 2010.

The Metric That Screams 'Buy'

No fancy jargon here: A key indicator just smashed through its historical ceiling. The last time this happened, early adopters became yacht-shopping millionaires.

Wall Street's FOMO Moment

Traditional finance is scrambling—gold looks sleepy, and those 'diversified' portfolios? Suddenly very 2024. Meanwhile, Bitcoin's playing its greatest hits: volatility, upside, and that sweet smell of institutional panic.

The Cynic's Corner

Bankers hate this one weird trick (it's called 'not paying 2% management fees for underperformance').

Buckle up. The halving was just the opening act.

Bitcoin Long-Term Holders Supply Hit 74%

According to the Ark Invest report, the long-term holders’ supply has reached 74% of Bitcoin’s total supply, marking a 15-year high for this metric. The asset manager noted that this trend indicates growing market conviction in BTC’s role as a store of value or “digital gold.” These long-term holders refer to addresses that have held for 155 days or longer. 

This development comes at a time when Bitcoin is witnessing massive demand from institutional investors through the ETFs and treasury companies. These investors are considered better ‘diamond-hands’ than retail investors, which means that this metric could keep rising, with long-term holders gaining more control of BTC’s total supply. 

This institutional buying has also driven the Bitcoin price to several all-time highs (ATHs) this year, with BTC reaching as high as $123,000 last week. The flagship crypto appears to still be in price discovery, as ETFs led by BlackRock and treasury companies, led by Saylor’s Strategy, continue to accumulate at an unprecedented pace. 

Cathie Wood’s Ark Invest is ultra bullish on the bitcoin price, predicting that it could reach $1.5 million by 2030. They expect BTC to reach this target due to the rising institutional investment and global recognition of Bitcoin’s ability to serve as a store of value. In a CNBC interview, Cathie Wood also doubled down on this prediction. 

She explained that they expect BTC to take a significant share from Gold or grow the store of value market. Wood added that institutions are still just testing the waters despite the massive accumulation so far. As such, she still expects a rise in adoption for these companies. Meanwhile, only about 1 million unmined Bitcoins are remaining. 

Other Bullish Metrics For BTC

The Ark Invest report also revealed that global liquidity per bitcoin reached a 12-year high. This metric reached this high with $5.7 million in global M2 supply per BTC in circulation. The asset manager remarked that this ratio could continue to rise given Bitcoin’s diminishing future supply growth and the continued expansion of global liquidity.

Meanwhile, in June, Bitcoin managed to hold above the support between $96,000 and $99,000 and is now well above these levels. $98,888, $96,278, and $71,393 are BTC’s short-term holder cost basis, 200-day moving average, and on-chain mean, respectively, which is why this development is bullish for the flagship crypto. 

At the time of writing, the bitcoin price is trading at around $19,100, up in the last 24 hours, according to data from CoinMarketCap.