When Bitcoin’s value crashed by 15% two days before the halving, the community took a massive price downside after the event.
Nonetheless, 3-day post-block reduction, Bitcoin’s price has now rebounded above $9,500 at press time. The bullish rally appeared evident in the charts, as Bitcoin has hit more than $8800, $9100, and $9500 in the past 24 hours.
Bitcoin continues to imbue bullish behaviour post-halving
According to Glassnode’s GNI index, a metric developed to measure the bitcoin blockchain on-chain metrics indicated a 2 point drop before halving. Now that the sentient began to decline rapidly, it was suggested that the investor’s interest could be declining low after the event. It was also speculated that the holders might also be able to sell their old coins.
However, the health of the network and the profits in Bitcoin suggested a different story. Previously, glassnode stated that the number of active companies has reached an unprecedented amount since January 2018 and that liquidity has also seen major market improvements as seen in the above map.
In addition, addresses holding 0.01 BTC, 0.1 BTC have indicated a surge over the past week and the new bullish moment is directly converted into monetary gains for the largest digital asset. The study suggested,
“Along with Bitcoin’s strong fundamentals, this suggests a stable, if not bullish, environment for BTC over the coming months.”
Users holding more number of Bitcoin post-halving
On the other hand, the exchange rate has not been too strong since the crash in mid-March, the majority of Bitcoin exchanges have seen a high net exchange rate, but it has had little effect on investors’ interest.
According to reports, some 25, 000 BTCs have been withdrawn from exchanges since the halving of 11 May and there are speculations that traders are starting to trust institutions even less at the moment.
The lack of confidence in exchanges started to escalate as BitMEX’s conundrum caused major losses on the investor’s part during the 13th March crash.
With an increasing number of Bitcoin active daily addresses in the ecosystem (over 1 million), it can be speculated that people hoarded their assets on their own rather than handing them over to a third-party institution in the space.