Bitcoin’s new identity: the evolution into a stablecoin

Quick Take

Bitcoin has been behaving much like a stablecoin for the past 30 days, with its price trading around $30,000. This stability comes after a notable rise to $30,000 from $25,000 in mid-June, and it seems that strong consolidation is occurring at the $30,000 level.

UTXO Realized Price Distribution (URPD) Analysis

The UTXO Realized Price Distribution (URPD) provides a critical perspective on Bitcoin price behavior. This analytical tool indicates the prices at which the current set of Bitcoin UTXOs (Unspent Transaction Outputs) were created.

Bitcoin’s Persistence at the $30k Mark

Bitcoin’s remarkable staying power at the $30k price point is noteworthy. According to the URPD, approximately 3.42% of the Bitcoin supply was created against a price of $16,500, while 3.64% of the supply was realized at the current $30,000 consolidation level. The prolonged period at this price level highlights the evolving stability of Bitcoin.

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