Bitcoin could be heading towards a significant price boost, at least according to several on-chain features. Miners have ceased disposing of their coins, and so have long-term hodlers. At the same time, the Stablecoin Supply Ratio has dropped substantially lately.
Apart from being the backbone of the Bitcoin network, miners also have a notable role when it comes down to the price of the underlying asset. As previously reported by CryptoPotato, they can impact BTC’s price quite negatively once they decide to sell off massive portions at once.
This was the case earlier this year when BTC firstly breached $40,000. However, reports exemplified their sell-offs, which led to an immediate market correction.
Nevertheless, more recent on-chain data suggest that miners have stopped selling. According to CryptoQuant, miners have disposed of larger portions in mid-May, during the latest market crash, but are currently holding their bitcoins.
Something similar is evident from long-term BTC holders. Using data from Glassnode, Lex Moskovski, the CIO at Moskovski Capital, outlined that the “hodlers selling pressure is the lowest it’s been since November.” He believes such investors are “unwilling to sell at that price now.”
Ultimately, Moskovski emphatically concluded that this is “bullish” for the price of the primary cryptocurrency.
Another metric that could have a direct impact on BTC’s price is the Stablecoin Supply Ratio. Essentially, it means that once the SSR is low, the amount of stablecoins sitting on exchanges far supersedes that of bitcoins, indicating there’s more buying power ready to flow into BTC and other cryptocurrencies.
CryptoQuant further informed that the SSR has been hitting consecutive all-time lows for a week.
This comes amid bitcoin’s latest attempts to overcome $40,000. The asset fell below $34,000 during the weekend but recovered several thousand dollars in a few days. Nevertheless, $40,000 is still unconquered for over a week as BTC continues to struggle below it.
