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Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report

Fidelity Digital Assets — the crypto wing of Fidelity Investments which has $4.2 trillion assets under management–shared their “two sats” on the future of the digital assets space. The key takeaways touched upon miners’ behavior and Bitcoin (BTC) network adoption. In the annual report released last week, the group shared some insights into the world of BTC mining:“As Bitcoin miners have the most financial incentive tho make the best guess as to the adoption and value of BTC (…) the current bitcoin cycle is far from over and these miners are making investments for the long haul.”The report stated that the recovery in the hash rate in 2021 “was truly astounding”, particularly when faced the world’s second-largest economy China banning Bitcoin in 2021. The rebound in hash rate since the ban thanks to BTC’s hash power being “more widely distributed around the world,” showed miners are set on long-term profits.The statements aligned with miners’ recent selling performance. Key on-chain metric indicate Bitcoin miners are in “massive” BTC accumulation mode, as miners show no desire to sell. Related: Fidelity exec says Bitcoin is ‘technically oversold,’ making $40K a ‘pivotal support’When it came to orange-pilling entire countries, Fidelity made some interesting predictions into more nation-states accepting BTC as legal tender: “There i​​s very high-stakes game theory at play here, whereby if bitcoin adoption increases, the countries that secure some bitcoin today will be better off competitively than their peers. We, therefore, wouldn’t be surprised to see other sovereign nation-states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.”Their comments come as Tonga’s former MP suggested the country could adopt BTC in late 2022. In essence, more regulation and better products will open up the crypto space, “bringing a greater portion of the hundreds of trillions in traditional assets into the digital asset ecosystem.” Combined with miners’ hodling, it could lengthen the cycle and drive BTC to new highs.

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Wait and see approach: 3/4 of Bitcoin supply now illiquid

Bitcoin markets have been consolidating since the beginning of the year, but on-chain metrics are painting a more positive picture as more of the asset is becoming illiquid.On-chain analytics provider Glassnode has been delving into Bitcoin supply metrics to get a better view of the longer-term macro trends in its weekly report on Jan. 3.The findings revealed that although the asset has been trading sideways so far this year, more BTC has become illiquid. There has been an acceleration in illiquid supply growth which now comprises more than three quarters, or 76%, of the total circulating supply.Glassnode defines illiquidity as when BTC is moved to a wallet with no history of spending. Liquid supply BTC, which makes up 24% of the total, is in wallets that spend or trade regularly such as exchanges and hot wallets.“We can see that over the final months of 2021, even as prices corrected, there has been an acceleration of coins from liquid, into Illiquid wallets.”The figures suggest that more Bitcoin is being transferred into storage indicating an increase in hodling habits and accumulation. The decline in highly liquid supply also hints that there may not be a major selloff or capitulation event at any time in the near future.BTC liquid and illiquid supply as a percent of the total: GlassnodeThe researchers concluded that these conditions indicate “divergence between what appears to be constructive on-chain supply dynamics, compared to bearish-to-neutral price action.”Related: Just 1.3 million Bitcoin left circulating on crypto exchangesIn the same report, Glassnode stated that the total supply held by long-term holders has plateaued over the past month or so. This suggests that longer-term investors have stopped spending or selling coins and have become hodlers or even accumulators at this stage. “This provides another constructive view of market conviction,” it concluded.The current supply held by long-termers is 13.35 million BTC, a decline of just 1.1% from October’s high of 13.5 million coins. Glassnode defines these long-term holders (LTH) as wallets or accounts that have held their Bitcoin for more than 155 days.

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'Twas the Night before Christmas: A Cointelegraph Story

‘Twas the night before Christmas, when all thro’ the TwittersphereNot a troll was stirring, not even a financier;The crypto was HODLed in cold storage with care,In hopes that Satoshi would soon reappear;The newbies avoided FUD and slept in their beds,While visions of lambos danc’d in their heads. And Pomp being occupied, and Schiff spewing crap,Weren’t calling attention to traders stacking sats.When in the trends came mentions of Nakamoto,I had to be sure it wasn’t just FOMO. Away to my portfolio my fingers did fly,And checked on the prices — man, were they high!Then, for a moment, I thought I was wrong.But no — a huge bull run, and eight altcoins going along.Who could have done this? Who answered my prayer?I knew in an instant the answer: Michael Saylor.He’s making a list. He’s checking it thrice. #HappyHodlDays pic.twitter.com/cb6yzLKEbc— Michael Saylor⚡️ (@saylor) December 24, 2021A purchase so massive that all tokens mooned,Out of character he tweeted, and shouted, all to CT he crooned: “Now! Ether, now! Maker, now! Luna, and Solana,”On! Matic, on! Litecoin, on! Doge and Shiba;”To the top of the charts! To new all-time highs!”Now to the moon! Let the whales make the buys!”And then in a twinkling, I thought more than once,“Maybe this is the time to cash out, after months?”So on the sell button my cursor did hover,As I drew in a breath, and heard myself mutter:“Maybe,” I said, “Crypto has other plans.”Maybe, perhaps, Christmas is the time for diamond hands.I nodded to Saylor, and turned off my monitors,Even as users flew in from all corners,The tokens went wild, but I was content,Holding my Bitcoin, no matter where the price went.My message before signing off, bracing for a fight?“Happy Christmas to all, and to all HODL tight.”

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