3.4m bitcoin (BTC) are readily available to buyers as demand increases, blockchain analytics specialist Chainalysis said, noting that first-time BTC buyers and buyers looking to unload fiat currency for BTC as a hedge against worrisome macroeconomic trends are responsible for much of the current demand. Meanwhile, Rick Rieder, BlackRock‘s Chief Investment Officer of Global Fixed Income, said he thinks that BTC “could replace gold to a large extent.”
According to Chainalysis, right now, the amount of liquid, or trader-held BTC is similar to what it was during the 2017 bull run. But the amount held in illiquid wallets, controlled by investors, is much higher, representing 77% of the 14.8m BTC mined that isn’t categorized as lost, meaning it hasn’t moved from its current address in five years or longer, they added.
On average, around BTC 1.715m changes hands on crypto exchanges per day in November, or slightly less than in October. Hover, compared to the first 19 days of November last year, when BTC dropped from above USD 9,000 to USD 8,000, the average trading volume decreased by 41%.
Meanwhile, this year, according to Chainalysis, demand is increasing as evidenced by rising inflows to exchanges and trade intensity on exchanges.
___
___
