Bitcoin holders with at least 0.1% of the total supply saw strong net inflows in Q3 2023, despite the asset’s price plunging to $25,000. According to crypto market intelligence firm IntoTheBlock, these wallets recorded a single-day inflow of $600 million, indicating a quiet build-up of strong interest.The net inflows took place while centralized exchanges saw outflows, suggesting that the wallets belong to organic buyers and not just addresses from centralized trading platforms. However, the patience of the holders may be tested if the United States Securities and Exchange Commission (SEC) delays its decisions on the applications for Spot Bitcoin exchange-traded funds (ETFs).Bitcoin fees for Q3 2023 slumped by over 71% compared to Q2, but have more than doubled since Q3 2022. On-chain metrics show that the number of long-term BTC holders is growing, and the upsurge is comparable with a cycle seen in 2017. Analysts believe the crypto community may be on the verge of a supply shock that will massively impact bitcoin’s value.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	PrimeXBT, IntoTheBlock, CryptoPotato, Binance, United States Securities and Exchange Commission (SEC)
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None