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Bitcoin (BTC) savings are outpacing speculators as the bull market for crypto has just begun, according to new data.

The accumulators and speculators Index (HSI) is bullish, according to asset management firm Grayscale‘s Bitcoin assessment report released this month.

A similar structure to early 2016

HSI calculates the bitcoin activity of wallets to give insight into how network participants use Bitcoin, hence market sentiment.

Data from Coin metrics, the source of analysis within the chain, takes crypto into account those whose coins have not been moved for 1-3 years because they belong to “depositors”. Crypto coins goods traded in the last 90 days are considered to belong to” speculators”.

According to the comparison, as of August, the number of cryptocurrencies owned by speculators decreased, while the number of cryptocurrencies owned by savers increased.

Phil Bonello, the author of the report, said: “This picture looks promising for Bitcoin. “The number of savers increases significantly compared to the small number of speculators in the market.”

“Note the similarity of the structure in early 2016.”

Analysts had previously suggested that Bitcoin’s current state is similar to the start of 2016, about 18 months before it hit a record high of $ 20,000.

“As the percentage of bitcoin savings has peaked, the number of speculators is dwindling,” said Charles Edwards, founder of asset management company Capriole. Another indication was found that the bull market was just beginning.

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