Accéder au contenu principal

Bitcoin Long-Term Holder Supply at an All-Time High Amid BTC’s Rally to $37K: Glassnode


With the next Bitcoin halving event less than five months away, long-term BTC holders have remained bullish, refusing to let go of their assets.

According to a weekly report from on-chain market intelligence platform Glassnode, several measures of Bitcoin supply, such as HODLed, long-term holder, and illiquid, are at historical highs, with the crypto asset being held at “extremely tight” levels.

Investors Are HODLing BTC at Tight Levels

Glassnode noted that the relative proportion of circulating supply held for over a year currently hovers at all-time highs for several age bands despite investor sentiment around the impressive price performance of crypto assets year-to-date and excitement for the upcoming halving event.

The market intelligence platform found that over 68% of BTC supply was last active a year ago. In addition, 57.1% of the supply was last active two years ago, while 41.1% and 29.6% were last on the move three and five years ago.

“A powerful divergence continues to form between Long-Term Holder (LTH) supply, which is just shy of an all-time high, and Short-Term Holder (STH) supply which is at effectively all-time-lows. This insightful dynamic demonstrates a growing tightness within the BTC supply, as existing holders become increasingly unwilling to part with their holdings,” Glassnode stated.

Exploring On-Chain Supply Metrics

To substantiate its findings, Glassnode explored several on-chain supply metrics like the illiquid supply and the HODLer Net Position Change metric.

The illiquid supply metric measures the amount of BTC stored in wallets with a small spending history. Illiquid supply changes usually move together with withdrawals from exchanges. As the metric is at an all-time high of 15.4 million BTC, it suggests that investors have continued to withdraw their funds and move them to custody. This is shown in the monthly rate change of illiquid supply, which is rising by over 71,000 BTC.

Glassnode discovered a similar pattern with the HODLer Net Position Change metric, which measures the aggregate maturation of BTC supply as market players continue to accumulate and keep their assets.

Taking the ratio of the HODLer Net Position Change metric between long and short-term holder supply would indicate a discrepancy between dormant and mobile supply as the metric has seen sustained inflows since June 2021 and reached new highs since July 2023.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


Source link

The post Bitcoin Long-Term Holder Supply at an All-Time High Amid BTC’s Rally to $37K: Glassnode appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite