The total volume of lost bitcoins, as well as digital gold on the wallets of long-term crypto investors has reached a five-year high (7,554,982,124 BTC).
The growth of metric values means that the active market supply of bitcoin is decreasing. This promises optimistic prospects for the price of the first cryptocurrency, subject to growing or unchanged demand for it.
On the other hand, QryptoQuant analysts noted the continuation of the bearish trend.
According to their observations, investors who bought bitcoin after December 2020 are now at a loss. Consequently, the long-term SOPR is unlikely to resume the uptrend in the near future.
The cryptocurrency fear and greed index has been consistently pointing to extremely worrying market sentiment for more than a month.