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Per the study, the monetary aggregates were “extremely steady” during the summer, showing that the amount of BTC held for speculation was stable from May to August at around 22 percent of available BTC. The amount of BTC held for investment also showed stability during the same period at around 30 percent.

Chainalysis suggests that this is a sign the market has become less susceptible to hype, having built a tolerance to news flow, which according to the report, is no longer able to push BTC prices up and down. “Instead, the market seems to have recalibrated after the entry of so many new market participants with different beliefs and expectations than those who held Bitcoin prior to 2017,” the study further reads.

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