Bitcoin Fuel Multiple Reaches 0.84, Highest in 2 Months, on July 18

According to Glassnode data, Bitcoin's Fuel Multiple reached 0.84 on July 18 at 2 p.m., marking its highest level since late May. The metric increased by 0.14 compared to seven days prior, representing the largest gain in approximately two months.

Meanwhile, miners' Bitcoin holdings declined to 1,193,589 BTC (approximately $113.66 billion) as of July 18, down 242 BTC from the previous week, according to CryptoQuant. Bitcoin's hash rate 7-day moving average reached 888.94 million TH/s (terahashes per second), up 2.625 million TH/s from seven days earlier, reflecting increased mining demand.