Long-Term Bitcoin Investors Are At An All-Time High: Glassnode

Long-Term Bitcoin Investors Are At An All-Time High: Glassnode

Long-Term Bitcoin Investors Are At An All-Time High: Glassnode
Long-Term Bitcoin Investors Are At An All-Time High: Glassnode

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.”

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

Want to Dig Deeper:
Share What you Read with Friends & Foe:

Select Preferred Language:

Subscribe to Our Newsletter

Join the community and Learn about Latest News, Events, Offers, and More.

SUBSCRIBE NOW

Explore

TRON
EOS
ETHEREUM
BITCOIN SV
ETHEREUM CLASSIC
BITCOIN
POLYGON
POLKADOT
Get Lucky & win some Crypto!

Enter your email address to subscribe and spin the wheel. This is your chance to win amazing cryptocurrency!

Install Crypto News App

Install
×