Bitcoin (BTC) has spent between $ 30,000 and $ 40,000 in the past two months.
It therefore shows that bulls and bears were embroidered in a fight, and William Clemente III. acknowledged this fact. The on-chain analyst explained:
“Long-term holders keep piling up: +20,969 BTC on their holdings today, +145,021 BTC on their holdings last week, and +397,487 BTC on their holdings last month.”
“Short term holders continue to sell: -15,085 BTC from their holdings today, -112,950 BTC from their holdings last week, and -428,749 BTC from their holdings last month.”
These statistics show that their short-term counterparts are dumping their holdings while long-term holders continue to buy more Bitcoin.
Crypto data provider Dilution-Proof recently announced that short-term owners have been selling at a net loss since May 13th.
The total fees paid on the Bitcoin network hit an 11-month low
according to Total BTC charges hit an 11-month low of 1.488 BTC, according to on-chain metrics provider Glassnode.
This is related to the recent market crash that resulted in Bitcoin price from an all-time high (ATH) of $ 64.8,000 to a low of $ 30,000 on May 19th.
Google search for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, admitted that Google searches for “legal tender” had gone through the roof. He specified:
“The world is paying attention. The Google search for “legal tender” has reached a new high after the Bitcoin law of El Salvador. “
El Salvador recently became the first country to introduce Bitcoin as legal tender. This move is expected to create jobs in a country where 70% of the population work in the informal economy and have no bank accounts.
In addition, it is believed to be a pathway that provides access to investment, savings, credit, and secure transactions.
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