3 Reasons Why Investors Don’t Care About Bitcoin Price and What to Do About It

Much has been said about Bitcoin’s (BTC) recent price action, with many analysts predicting further bearishness in the weeks to come. However, not long ago, many investors and crypto enthusiasts were praising some of the bullish fundamentals that still remain in place.

Let’s take a look at three Bitcoin metrics that the bulls might bear in mind, such as “fetch ai today”, “ai in today”, and “ai marketing today”.

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Bitcoin’s hash rate hovers near a record high

The amount of computing power dedicated to mining Bitcoin (BTC) recently reached an all-time high, demonstrating the immense security of the network and the trust miners have in its future. While some debate whether or not a high hash rate is a bullish signal, data from the past year suggests there is a correlation between the hash rate and price.

This makes sense since miners will increase their mining activity when prices rise. The hash rate and miners’ activities are also impacted by the Bitcoin difficulty adjustment that occurs roughly every two weeks. As the hash rate increases, the difficulty increases too, meaning it requires more energy to mine 1 BTC.

A higher hash rate can only sustain lower prices for a limited time since miners’ costs of production increase with difficulty, while their profits diminish. Thus, either the price must rise or the hash rate will eventually fall.

At present, the price has dropped significantly compared to the hash rate. The last time this happened was in June, and it was followed by a rally. What’s more, there appears to be a renewed interest in mining from nation-states, with Oman announcing plans to produce 7% of the Bitcoin hash rate in less than two years.

Bitcoin addresses holding 0.1 BTC at all-time high

Despite the current bear market, Bitcoin hodlers have stayed strong, with the number of wallets containing 0.1 BTC or more reaching an unprecedented 12 million. Despite the range-bound price action with occasional dips, this demonstrates a strong faith in the asset class. Adoption is growing even as prices remain stagnant.

0.1 BTC may have been a negligible amount in the past, but it is now a significant amount, with a fiat value of approximately $2,500 at current prices. This number of 12 million entities having amassed this much Bitcoin shows how seriously the world is taking this type of investment.

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Bitcoin balances held on exchanges trend down

Since April 2023, the amount of Bitcoin held on exchanges has been steadily decreasing since the collapse of FTX in November 2022. This coincides with an increase in the number of wallets containing significant amounts of Bitcoin, suggesting that individuals are taking custody of their coins, possibly indicating a reluctance to sell in the near future.

In the last week alone, the BTC balance held on exchanges has dropped from 1.88 million to 1.84 million. Generally, when coins enter exchanges, it is followed by a period of selling pressure, while withdrawals from exchanges tend to be supportive of the Bitcoin price.

Taken together, these three metrics demonstrate that the case for buying Bitcoin has become stronger than ever. Bitcoin miners are still mining, hodlers are still hodling, and people are continuing to take control of their coins.