{"id":284256,"date":"2022-12-27T10:00:53","date_gmt":"2022-12-27T10:00:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=284256"},"modified":"2022-12-27T10:03:20","modified_gmt":"2022-12-27T10:03:20","slug":"the-bullish-case-for-bitcoin-as-2022-comes-to-an-end","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end\/","title":{"rendered":"The bullish case for Bitcoin as 2022 comes to an end"},"content":{"rendered":"<p>The price of [cs_coin]BTC[\/cs_coin] (BTC) saw drastic falls throughout 2022 and is trading\u00a0 at $16,877.39 as of press time \u2014 down more than 66% from its all-time high price of over $68,000 in November 2021.<\/p>\n<p>Most investors consider price as the most important metric of growth. While the price of Bitcoin gives little reason to be bullish, an evaluation of other growth metrics makes a strong case for BTC's growth in the coming years.<\/p>\n<h2>Long-term holders hit an all-time high<\/h2>\n<p>The total supply of Bitcoin held by long-term users has been on the rise throughout 2022. But it is worth noting that it staggered during major events like the Terra-LUNA fiasco in May, the bankruptcy of hedge fund Three Arrows Capital (3AC) in June and crypto lender Celsius in July, and the fall of FTX in November. These events created a short-term panic leading long-term holders to offload their BTC holdings.<\/p>\n<p>Despite the dips, however, the total supply of long-term holders has reached an all-time high of over 13.9 million BTC, according to Glassnode <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&category=&m=supply.LthSum\">data<\/a> analyzed by <em>CryptoSlate<\/em>. This indicates that long-term investors hold around 72.7% of Bitcoin's circulating supply of 19.24 million coins \u2014 the highest ever. Long-term holders are those that have been holding Bitcoin for 155 days or more.<\/p>\n<figure id=\"attachment_284499\" aria-describedby=\"caption-attachment-284499\" style=\"width: 1495px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-284499 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-1-4.png\" alt=\"Total supply of Bitcoin held by long-term holders. Source: Glassnode\" width=\"1495\" height=\"861\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-1-4.png 1495w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-1-4-300x173.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-1-4-1024x590.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-1-4-768x442.png 768w\" sizes=\"(max-width: 1495px) 100vw, 1495px\" \/><figcaption id=\"caption-attachment-284499\" class=\"wp-caption-text\">Total supply of BTC held by long-term holders. Source: Glassnode<\/figcaption><\/figure>\n<p>Additionally, the BTC HODL Waves chart indicates that the number of early enthusiasts of BTC who have been holding their coins for over 10 years (purple) is high, despite the dip after the FTX collapse. The HODL Waves chart shows the amount of BTC held for different age bands.<\/p>\n<figure id=\"attachment_284501\" aria-describedby=\"caption-attachment-284501\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-284501\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-4-1.png\" alt=\"BTC HODL Waves. Source: Glassnode\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-4-1.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-4-1-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-4-1-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-4-1-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-4-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-284501\" class=\"wp-caption-text\">BTC HODL Waves. Source: Glassnode<\/figcaption><\/figure>\n<p>The percentage of investors holding their\u00a0 BTC for 7 years to 10 years has held mostly steady despite market fluctuations throughout 2022, which indicates that long-term holders are maintaining their conviction in BTC.<\/p>\n<h2>Nearly 1.8 million BTC bought between $15,700 and $17,100<\/h2>\n<p>According to Glassnode data, nearly 1.8 million BTC \u2014 or over 9% of the circulating supply \u2014 was <a href=\"https:\/\/cryptoslate.com\/over-8-bitcoin-supply-was-bought-between-15-5k-and-17k\/\">bought<\/a> in the price range of $15,787.73 and $17,160.58. BTC has only traded in this price range in November 2020 and this year, since November 2022.<\/p>\n<p>While the 9% volume indicates there is a likelihood of more redistribution, Bitcoin's consolidation suggests long-term holders are in control.<\/p>\n<figure id=\"attachment_284500\" aria-describedby=\"caption-attachment-284500\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-284500\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-2-3.png\" alt=\"Entity-adjusted UTXO Realized Price Distribution of BTC. Source: Glassnode\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-2-3.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-2-3-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-2-3-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-2-3-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-2-3-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-284500\" class=\"wp-caption-text\">Entity-adjusted UTXO Realized Price Distribution of BTC. Source: Glassnode<\/figcaption><\/figure>\n<h2>78% of Bitcoin's circulating supply is in self-custody<\/h2>\n<p>The series of high-profile bankruptcies of crypto lenders and centralized exchanges, including Celsius and FTX, drilled an important lesson among investors \u2014 not your keys, not your coins. While this phrase has been around for years, with millions of investors collectively losing tens of billions in 2022, the message has finally hit home.<\/p>\n<p>Throughout the year, throngs of investors continued to take control of their assets amid waning trust in centralized exchanges. Over 15 million coins or roughly 78% of BTC's circulating supply of 19.24 million was illiquid as of Dec. 27. Illiquid supply indicates BTC stored in hardware cold storage wallets or web and mobile-based non-custodial wallets that are not available for trading.<\/p>\n<figure id=\"attachment_284498\" aria-describedby=\"caption-attachment-284498\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-284498 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-8.png\" alt=\"Illiquid supply of Bitcoin. Source: Glassnode\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-8.png 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-8-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-8-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-8-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image-8-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-284498\" class=\"wp-caption-text\">Illiquid supply of BTC. Source: Glassnode<\/figcaption><\/figure>\n<p>The illiquid supply of BTC has gone up from around 14.8 million coins or 76% of the circulating supply in August. Additionally, Bitcoin's illiquid supply has grown by roughly 7.4% from just over 14 million coins at the start of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of [cs_coin]BTC[\/cs_coin] (BTC) saw drastic falls throughout 2022 and is trading\u00a0 at $16,877.39 as of press time \u2014 down more than 66% from its all-time high price of over $68,000 in November 2021. Most investors consider price as the most important metric of growth. While the price of Bitcoin gives little reason to [&hellip;]<\/p>\n","protected":false},"author":1386,"featured_media":284518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77921],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The bullish case for Bitcoin as 2022 comes to an end<\/title>\n<meta name=\"description\" content=\"Several Bitcoin metrics like the increase in supply held by long-term holders as well as self-custody points towards a bullish future.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The bullish case for Bitcoin as 2022 comes to an end\" \/>\n<meta property=\"og:description\" content=\"Several Bitcoin metrics like the increase in supply held by long-term holders as well as self-custody points towards a bullish future.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-27T10:00:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-27T10:03:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/image_2022-12-27_150201283.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Monika Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Monika Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#person\",\"name\":\"Monika Ghosh\",\"url\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"caption\":\"Monika Ghosh\"},\"jobTitle\":\"Former Reporter\",\"description\":\"Monika started reading about crypto in 2020 and went deeper and deeper down the rabbit hole. 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