– Bitcoin’s price may be down, but three key metrics suggest bullish signals for smart money traders.
– Bitcoin’s hashrate, which measures the computing power dedicated to mining BTC, recently hit a record high, indicating network strength and miner interest.
– The relationship between hashrate and price suggests that as prices rise, miners mine more, leading to potential price increases.
– Nation-states like Oman are also showing interest in Bitcoin mining, further supporting the bullish case.
– The number of Bitcoin addresses holding 0.1 BTC or more has reached an all-time high of 12 million, demonstrating trust in the asset class.
– The amount of Bitcoin held on exchanges has been trending lower, indicating individuals are taking self-custody of their coins and potentially disinterested in selling.
– These metrics suggest that investors’ thesis for buying Bitcoin has grown stronger, despite the current bearish price action.