New York-based multinational investment management and financial services company Morgan Stanleyin its report Bitcoin (BTC) He noted that its trade is currently in a deep recession.
Morgan Stanley Says Bitcoin (BTC) Trading Is In Recession
Not many Bitcoins (BTC) have moved or been traded in the past six months. The share of non-moving supply is currently 78% is level. This is a larger ratio compared to the 2018 bear market. At that time, the share of unmoving supply 75% had peaked.
The Morgan Stanley report also says that almost half of the Bitcoins held by investors have not been transacted for more than a year.
Finally, the majority of users who bought Bitcoin in the past year and a half are still waiting at a loss.
Mark Dow, a proprietary global macro investor known as one of the most prominent Bitcoin opponents, says Bitcoin’s stagnant supply share is so high that it signals “declining interest”.
However, some crypto enthusiasts do not accept the assumption that the data mentioned above is bearish for the world’s largest cryptocurrency.
Investor Scott Melkerexpressed the view that Bitcoin is in fact increasingly being adopted as digital gold. “Buyers hold their Bitcoin as a store of value for the long term,” he tweeted.
Morgan Stanley doesn’t understand what this metric means.
It’s not a “deep freeze.” It’s buyers holding their coins long term as a store of value.
The less coins that move, the more adoption as digital gold and the less supply there is available for sale. https://t.co/toI0o0Klb1
— The Wolf Of All Streets (@scottmelker) October 27, 2022
The interest rate decisions of the Federal Reserve (FED) have an impact on Bitcoin, as in all financial markets.
*Not investment advice.
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