In a study published Chainalysis, it is argued that bitcoin investors and speculators kept their positions in the market throughout the summer of 2018, while the cryptocurrency market as a whole showed a relative stability.
The data presented in the report Chainalysis was prepared using the concept of standardization of monetary aggregates. In particular, analysts have classified and identified several types of bitcoin: the most liquid (coins used for speculation and transactions), less liquid (coins held for investment) and least liquid (the lost coin, or coins, which has yet to produce), grouping the money supply in the monetary aggregates.
The study said that monetary aggregates showed “extraordinary stability” during the summer — it suggests stability in the number of bitcoins held by speculators (22% of available BTC) from may to August. The amount of BTC held for investment, has also shown stability over the same period, at around 30%.
Chainalysis suggests that it is a sign that the market has become less sensitive to sensation, have evolved some tolerance to the news cycle, which, according to the report, no longer able to push the price of bitcoin up and down.
As long-term investors and speculators have kept their bitcoin positions during the summer, it is assumed that only fundamental changes, such restrictive regulation or breakthrough improvement blockchain-technologies may lead to significant market reaction. This is evidenced by a new report from the Bank for international settlements (BIS), which argues that bitcoin market are heavily influenced by newsflow associated with the regulation of the cryptocurrency industry.
In addition to these discoveries, Chainalysis notes that the network of bitcoin on the rise user base from the end of 2017. The research team believes that the primary goal of mass adoption of bitcoin currently been overcome.
We will remind, in June the company Chainalysis managed to establish that more than $30 billion in bitcoin equivalent has moved from long-term investors into the hands of speculators — in the period from December 2017 to April 2018 long-term investors have sold speculators bitcoins for a total of $30bn, half of the sales occurred in one only the December month. It was a period of unprecedented sales, and it is unlikely that this will happen again in the near future.