Global crypto markets, despite recent volatility, are witnessing a significant trend among Bitcoin’s long-term holders (LTHs), indicating strong conviction and a reluctance to sell.
According to data from Glassnode, the “Bitcoin Long-Term Holder Spending Binary Indicator” shows minimal spending for the first time since June 10.
This minimal spending comes at a crucial time, as LTH supply has reached near all-time highs, currently standing at approximately 14.7 million BTC.
This substantial accumulation by seasoned investors suggests a strong belief in Bitcoin’s future value, as they are choosing to hold onto their assets rather than distribute them, even amidst recent market fluctuations.
The Glassnode chart, which tracks LTH spending behavior, visually reinforces this trend. Periods of “minimal spending” are clearly marked, and the current reading aligns with a period where the long-term holder supply (represented by the orange line in the chart) continues its upward trajectory.
This implies that the current market volatility has not shaken the conviction of these experienced Bitcoin investors, who typically hold their assets for extended periods, riding out short-term price swings.
This sustained holding behavior from a significant portion of Bitcoin’s supply could act as a stabilizing factor, potentially reducing overall selling pressure in the market despite broader economic or geopolitical uncertainties.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-long-term-holders-refuse-to-sell-amid-high-supply/