NFT SUMMER

Table of Contents

NFT Summer Fest'22

According to Glassnode’s most recent weekly on-chain report, long-term Bitcoin investors are at a multi-year high, and markets are not yet saturated with profit-taking.

Long- Term Bitcoin Investors are at an all time high

According to a November 22 report by analytics provider Glassnode, these long-term holders (LTH) appear to be reducing their spending while continuing to add to their positions.

The investigation focused on Spent Volume Age Bands (SVAB); which are used to determine the age of coins dominating on-chain flows on any given day. According to Glassnode, the metric can be used to determine when the process of profit-taking or accumulation begins.

Consistent spending of coins older than a month began in November 2020 and will end between April and May 2021. Since peaking alongside the Bitcoin all-time high in October; the SVAB metric has now dropped back to 2.5 percent of daily volume. As Glassnode pointed out:

“This can reasonably interpret as longer-term holders reducing their spending; and thus are more likely to be adding to positions, not exiting them.”

Long-Term Bitcoin Investors Are At An All-Time High: Glassnode e85d6691 569c 4e18 8308 cb1a0a11158c | BuyUcoin

Glassnode also stated that the total supply held by short-term holders (STH) is at a multi-year low; at less than 3 million BTC, implying that the amount owned by long-term holders (LTH) is at a multi-year high.

According to the report, “seeing STH supply this low while prices are near ATHs is a relatively unique case.”

Although short-term investors have profited at “historic”; highs and broken even at lows over the last week, the market has yet to become “overly saturated with profit-taking.”

The findings suggest little evidence of a significant capitulation yet; and the bulls may have further to run before this cycle concludes.

On October 12, Cointelegraph reported that long-term holders had 13.3 million BTC; which was worth $754 billion at the time, even though there had been no outflows for more than five months.

In response to the report; Chinese journalist Colin Wu tweeted on November 22 that the number of non-zero addresses has also reached an all-time high. This suggests that adoption and accumulation are still occurring; despite the asset’s 18% drop from its mid-October peak price of $69K.

Source: Cointelegraph

Bitcoin Lightning Network Hits a Record High

TOP TRENDING POSTS

All Articles

CRYPTO SPIN 2 WIN AIRDROPS

Click on the wheel to spin & win Free LUNA, ETHEREUM, BITCOIN, CHAINLINK & more.

*Offer Applicable for New Users Only!