Bitcoin News Today: Bitcoin Long-Term Holders Reach 15-Year High as Institutional Buying Drives Price

Bitcoin's long-term holders' supply has reached a 15-year high, with 74% of the total supply now held by addresses that have not moved their coins for at least 155 days. This trend suggests a growing conviction in Bitcoin's role as a store of value or "digital gold." The increase in long-term holders is driven by institutional investors, who are accumulating Bitcoin through ETFs and treasury companies. These investors are considered better 'diamond-hands' than retail investors, which means that this metric could keep rising, with long-term holders gaining more control of BTC’s total supply.

This institutional buying has driven the Bitcoin price to several all-time highs this year, with BTC reaching as high as $123,000. The flagship crypto appears to still be in price discovery, as ETFs and treasury companies continue to accumulate at an unprecedented pace. Cathie Wood’s Ark Invest is ultra bullish on the Bitcoin price, predicting that it could reach $1.5 million by 2030. They expect BTC to reach this target due to the rising institutional investment and global recognition of Bitcoin’s ability to serve as a store of value. Wood added that institutions are still just testing the waters despite the massive accumulation so far. As such, she still expects a rise in adoption for these companies. Meanwhile, only about 1 million unmined Bitcoins are remaining.

The Ark Invest report also revealed that global liquidity per bitcoin reached a 12-year high. This metric reached this high with $5.7 million in global M2 supply per BTC in circulation. The asset manager remarked that this ratio could continue to rise given Bitcoin’s diminishing future supply growth and the continued expansion of global liquidity. Meanwhile, in June, Bitcoin managed to hold above the support between $96,000 and $99,000 and is now well above these levels. $98,888, $96,278, and $71,393 are BTC’s short-term holder cost basis, 200-day moving average, and on-chain mean, respectively, which is why this development is bullish for the flagship crypto.

At the time of writing, the Bitcoin price is trading at around $19,100, up in the last 24 hours. This bullish outlook for Bitcoin is supported by the increasing percentage of long-term holders, institutional buying, and the rising global liquidity per bitcoin. The trend indicates a growing market conviction in BTC’s role as a store of value, which could drive the price even higher in the future. The diminishing future supply growth of Bitcoin and the continued expansion of global liquidity could also contribute to the rising ratio of global liquidity per bitcoin, further supporting the bullish outlook for the flagship crypto.