The Block Crypto News16 minutes ago

Published on July 10, 2024 13:26 GMT+00:00edited on July 10, 2024 13:31 GMT+00:00

Bitcoin long-term holders are adding to their holdings at the fastest monthly rate since April 2023, according to CryptoQuant analysts.

"Bitcoin whales have been increasing their holdings at a monthly growth rate of 6.3%, the fastest pace since April 2023, indicating rising demand for bitcoin," CryptyQuant said.

Wednesday's market report from the analytics firm noted that the increase in bitcoin demand from long-term holders is supporting the digital asset's price. This comes despite the cryptocurrency facing an increase in supply hitting the market that originated from seized bitcoins held by the German and U.S. governments, along with the distribution of funds from the defunct bitcoin exchange Mt. Gox. The report highlighted charts indicating that as the bitcoin price dropped from a …