A supply shock seems to have contributed to the BTC price appreciating by more than 50% in October, a new report by Kraken Intelligence shows.
There has been “little profit-taking” from long-term bitcoin holders along with this month’s price rally, the study found.
In addition to users HODLing their coins, bitcoin miners are also not selling their stack as “miner supply points to further holding amongst mining pools,” per the report.
Although higher prices generally lead people to supply more and demand less in broad economic activities, the Bitcoin market seems to have its own set of rules.
As users and miners alike grow in understanding of Bitcoin, the natural path is to HODL.