• Bitcoin holders increased despite volatility, with a rising percentage of dormant supply.
• Interest in ETFs and addressing unit bias may further support BTC’s adoption and liquidity.

Despite market volatility, the number of Bitcoin [BTC] holders continued to rise. A recent tweet showcased the increasingly dormant Bitcoin supply, which has remained untouched for at least a year.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

HODLers remain strong

Bitcoin’s Percent of Supply Last Active 1+ Years Ago metric indicated that more and more Bitcoin holders were refusing to sell their BTC.

This was particularly remarkable, especially considering that a year ago, when the collapse of Terra [LUNA] occurred, Bitcoin had initially dropped to $20,000, which is also the press time record high of inactive supply.

Another reason for the bullish sentiment around Bitcoin could be institutional interest. Multiple funds have showcased an interest in launching BTC ETFs. This faith may drive more liquidity in the crypto market and aid prices further.

How big of a role will ETFs play?

Some analysts also believe that Bitcoin ETFs may eliminate unit bias from hesitant investors. The term “unit bias” refers to the psychological bias that the absolute price of an asset or investment

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Author: Himalay Patel

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