New data from crypto analytics platform IntoTheBlock bitcoin It reveals that (BTC) holders purchased billions of dollars worth of king crypto in the first quarter of 2023.
In a new report, IntoTheBlock, Bitcoin and Ethereum(ETH) long-term investors significantly increased their exposure to digital assets in the first quarter of 2023, which historically could mean that these assets are unlikely to sell until BTC and ETH approach all-time highs.
“The amount of Bitcoin and Ether owned by Hodlers continues to reach all-time highs.
Addresses that have held assets for more than a year have increased their holdings in Bitcoin and Ether by $13.4 billion and $4.7 billion, respectively, in 2023. If the history of previous bull markets repeats, these addresses are unlikely to sell until they approach previous all-time highs.”
NEWS CONTINUES BELOW
According to the market intelligence firm, Q2 of 2023 could harbor potential catalysts for two leading digital assets such as ETH’s upcoming Shanghai upgrade and BTC’s next halving cycle seen as a force behind crypto cycles.
IntoTheBlock says that raising ETH may cause short-term selling pressure due to the addition of staking withdrawals, but in the long term, it could be seen as bullish as it encourages more users to stake.
The firm also says that investors should follow key price levels for Bitcoin and Ethereum. According to IntoTheBlock, investors have amassed about $17 billion worth of BTC at $27,000 and ETH at around $1,700 worth $15.1 billion.
“$27,000 and $1,700 for Bitcoin and Ether respectively are levels to watch in the near term as they have the largest concentration of buyers with 623,800 BTC ($17 billion) and 8.4 million ETH ($15.1 billion) purchased at this level.
If prices break this level, there is not much support for Bitcoin and Ether based on previous buying patterns of $24,500 and $1,500.
On the sell side, recent highs of $29,000 and $1,850 are seeing pressure from addresses that have previously bought in this region. However, if prices rise above these levels, there is no more resistance.”
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