Bitcoin continues to demonstrate resilience, holding above crucial demand levels after its recent decline from all-time highs. While the market grapples with negative sentiment and a wave of bearish predictions, BTC price action remains steady, offering hope to investors eyeing a potential recovery.

Adding weight to Bitcoin’s strength, CryptoQuant CEO recently shared compelling data that combines off-chain and on-chain metrics. The analysis reveals that the estimated capital stored on the Bitcoin network has surged to $1.03 trillion. This substantial increase underscores the narrative of BTC as a robust store of value, aligning with the thesis many analysts advocate for the leading cryptocurrency.

As macroeconomic uncertainty looms, Bitcoin’s ability to maintain its position above critical levels offers a sense of stability to a market otherwise marked by volatility. Investors and traders are closely monitoring whether this newfound support will translate into a rally or if broader market forces will weigh BTC down further. For now, the data suggests that BTC’s foundation remains strong, fueling continued confidence in its long-term potential as a digital store of value.

Capital Stored On The Bitcoin Network Grows

Bitcoin has had an incredible 2024, with its performance not just reflected in price appreciation but also in key metrics that indicate the network’s growing strength. As the year draws to a close, data suggests that Bitcoin’s role as a Store of Value (SoV) is more evident than ever.

CryptoQuant CEO Ki Young Ju recently shared valuable insights on X, revealing that by combining both off-chain and on-chain data, the estimated capital stored on the Bitcoin network has reached $1.03 trillion, an 85% increase from the previous year.

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Author: Sebastian Villafuerte