Bitcoin had an awesome 2021 "Uptober" compared to the crypto market downturn last month in September. Bitcoin started October at CA$55,456 and ended up finishing above $74,000, an impressive gain of over 33% for the month.
Despite the rally, on-chain data suggests little profit-taking from long-term holders.
Kraken - one of our favourite exchanges - has released their "Shocktober" On-Chain Digest, which does a deep dive trend analysis for Bitcoin.
To summarize the On-Chain digest for October, the research highlights:
- Despite the latest rally, there has been little profit-taking from long term holders.
- Total value of wallets holding more than 100BTC are growing and reached a high of BTC11.9M.
- The number of wallets holding more than 100BTC has increased to 16,156.
- More supply shock as miners continue to hold, while individual miners realized a modest amount of profit.
- Active addresses, new addresses, and transactions have risen +10.3%, +4.7%, and +10.5% respectively.
All indicators suggests that the bull market cycle may have further room to run despite Bitcoin hitting new all-time-highs.
Where will November take Bitcoin and the Altcoins? We will just have to hodl and see!
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