Almost every satoshi on the network is worth more today than when it was last moved. It was last in 2017. Meanwhile, Grayscale’s Bitcoin fund is up over $ 200 million in one day. The market update.
The Bitcoin course takes a breather just below the $ 13,000 mark. In a weekly comparison, the crypto reserve currency was able to gain more than 12.8 percent.
Hodln is paying off: The latest BTC rally has ensured that the Bitcoin network is back to the same state as it was last in the bull year 2017. According to data from the Blockchain analysts at Glassnode, 98 percent of UTXO ( Unspent Transaction Outputs ) could currently be in the Plus. The UTXOs are all BTC units that can currently be transferred.
The calculations compare the current price with the price at which the last transfer of the Satoshis of a UTXO took place.
98% of all Bitcoin UTXOs are currently in a state of profit. A level not seen since December 2017 and typical of previous BTC bull markets.
Glassnode via Twitter
With Michael Saylor, Glassnode runs into open doors. The CEO of the IT service provider Microstrategy has become a welcome guest in crypto podcasts since his commitment to BTC as a reserve asset. In a video podcast by former Goldman Sachs manager Raoul Pal published on YouTube on October 21, Saylor made a rendezvous. The conversation that was recorded in September has been, was a feast for Bitcoin bulls — Raoul Pal himself is rarely at a loss for an ultra-bullish Bitcoin price prediction. But Saylor also had a lot up his sleeve in this regard:
Bitcoin isn’t 100, it’s a million times better than gold. And there is nothing that even comes close to it.
BTC is namely “smarter, faster, and stronger” than gold. It is like comparing steel with stone.
Speculation that Microstrategy will “dump” the more than 30,000 hoarded BTCs in the medium term, Saylor forbade himself:
There are many traders in the market who do not understand the “long” mindset. I’m buying it for the guy who will work for the guy who will be hired in 100 years by the guy who will take my job in 100 years.
Michael Saylor im RealVision Podcast
Meanwhile, the US crypto fund provider Grayscale is also showing a great job-related hunger for Bitcoin. The Grayscale Bitcoin Trust has already bought over three percent of the BTC in circulation. From October 21–22, the value of crypto assets managed by Grayscale grew by $ 300 million. 233 million of these go to the account of the BTC fund alone. Grayscale is now managing $ 7.3 billion in crypto assets in its fund. Grayscale CEO Barry Silber celebrated the bullrun with a tweet .
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