On-chain fundamentals for Bitcoin (CRYPTO: BTC) — the world's first cryptocurrency — are painting a rather bullish picture with long-term holders on the rise once again.
What Happened: Data provided by on-chain analysis firm Glassnode shows that Bitcoin's reserve risk has returned to the "green zone" again, with a current value of 0.00207507 — an 18-month low. This metric estimates the confidence of long-term holders relative to the price — when confidence is high and the price is low the reserve risk is low and there is supposedly a good risk to reward ratio.
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Furthermore, Glassnode data also shows that the number of Bitcoin addresses holding over 0.1 BTC reached a new all-time high of 3,467,965 — the previous all-time high of 3,467,933 was reached on May 4.
Those metrics also follow Bitcoin refusing to realign its price with the stock-to-flow (S2F) model just as it reaches halfway to the next halving that will cut its inflation rate once again — now standing at just 35.6% of the price estimated by S2F.
