“Other than the ~80,000 coins that were dumped on the market by the Luna foundation in a failed attempt to defend the peg of UST, we have continued to see a steady flow of Bitcoin out of exchanges and put away for long-term accumulation,” Munster wrote. In addition, the number of wallets with a non-zero amount of Bitcoin in them has been growing, among other developments.
“Unlike in 2018, when the demand for Bitcoin did drop during that price crash, there are no signs of adoption slowing today,” he said. “Despite the recent price crash, Bitcoin’s fundamentals are arguably stronger now than any time in its history.”
--With assistance from Peyton Forte.
This article was provided by Bloomberg News.