Crypto Markets Analysis: While the U.S. economy expands, Bitcoin says “So What?”, continuing its flat trajectory. GWilliamsJr_CMT reports
Bitcoin has been outperforming ether, but remains mired in a tight trading range
The PCE price index embedded in the GDP report showed prices rising by 2.6% in Q2 versus expectations of 3.0% and down from 4.1% in Q1. Initial jobless claims were fewer than expected, with 221,000 Americans claiming unemployment against forecasts for 235,000. Signs of stagnation exist when looking at the trajectory of wallet balances as well. The total circulating supply of bitcoin held by addresses across multiple “size buckets” has been flat, according to analytics firmIn July, the supply held by addresses with a balance between 10-100 BTC, grew by 0.001%. For addresses with a balance between 100-1000 BTC, supply fell 0.004%. And for those smaller investors with a balance between 0.1 and 1 BTC, supply grew 0.005%.
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