After a dull couple of months, bitcoin bulls gained steam over the past few weeks to briefly push the price past $12,000. Although the bitcoin price has retraced a little bit to $11.7K, the asset’s on-chain fundamentals are reaching new all-time highs. Needless to say, investors are more bullish than ever as they expect bitcoin to continue its upsurge.
Bitcoin Addresses With Over 1,000 BTC Hits New All-Time High
New on-chain data provided by monitoring resource Glassnode suggests that investors are accumulating at a fast pace. Specifically, Glassnode noted in a tweet on Aug 8 that the number of addresses that are currently storing more than 1,000 bitcoins has reached a new historic high of 2,193. The previous all-time high of 2,191 was registered back in September 2019.
Bitcoin has seemingly gained stability after the flash crash last weekend. During that pullback, BTC plummeted from around $12K to as low as $10,600 in a span of minutes, consequently resulting in the liquidation of over $1 billion in long contracts.
Fast forward to the present, bitcoin has rebounded and is valued at $11,773.20 at the time of publication. The digital asset faces strong resistance at the $12K region.
That being said, BTC’s flourishing metrics like the new high set by wallets holding over 1,000 coins indicate that the asset’s uptrend could continue. In a separate tweet today, Glassnode observed that the percentage of BTC supply that has been dormant for over three years has also reached a new two-year high of approximately 30%.
With the OG crypto flashing such strong fundamentals, investors can’t help but long the asset.
Wall Street Is Crazy Bullish
During times of uncertainty like the ones we are currently facing, investors tend to turn to safe havens like gold and silver. As expected, the precious metals have been on a tear in recent weeks, outperforming stock markets by far.
However, the founder and CEO of Global Macro Investor, Raoul Pal, recently suggested that bitcoin is an even better hedge against the ongoing significant money printing. Pal said on Aug 6:
“In fact, only one asset has offset the growth of the G4 balance sheet. It’s not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon. Yup, Bitcoin.”
The Wall Street veteran further stated that he is now “irresponsibly long” on the crypto and he doesn’t think investing in any other asset for the long haul would be a good idea.