The total amount of Bitcoin held by long-term holders of the asset peaks at 13.62M tokens, signifying a new all-time high.
Bitcoin (BTC) has not been spared in the recent crusade staged by the bears. In tandem with the rest of the markets, the firstborn crypto has received the sharp end of the sword, as its value keeps plummeting to surprising lows in this current cycle. Notwithstanding, holders of the asset appear unfazed by these unpropitious conditions.
According to a Glass node chart, long-term holders (LTHs) of Bitcoin now cumulatively hold 13.62M BTC, the highest ever recorded. This value signifies 71% of the BTC total circulating supply of 19.15M as of press time. Glassnode shared the chart through its official Twitter handle Wednesday.
#Bitcoin: Total Supply Held by Long-Term Holders has reached a new ATH of 13.62M $BTC.
LTH Supply is the volume of #Bitcoin which has been dormant for 155-days, and is statistically the least likely to be spent during market volatility.
Live Chart: https://t.co/wAsMmcvmhC pic.twitter.com/QFg5o5AiEw
— glassnode (@glassnode) September 14, 2022
Glassnode further noted that this metric considers BTC tokens held for over 155 days without being moved. The blockchain data and intelligence platform also mentioned that statistics prove that holders of these tokens are the least likely to give in to capitulation when volatility hits the market.
Additionally, the Glass node chart shows that distribution started sometime in mid-July when the markets were recovering from the losses of mid-June. However, as July neared, an accumulation trend can be noticed on the chart. The accumulation persisted till September.
Furthermore, the CryptoQuant BTC Binary CDD metric corroborates the data from the Glassnode chart. According to the Binary CDD, there is very low long-term holders’ movement. This indicates that most LTHs are holding their assets despite the market’s increasing bearishness.
Bitcoin is currently down 4.7% in the past 24 hours at the reporting time, but on-chain indicators are looking slightly good. At the time of writing, BTC has a value of $20,191, up 6.63% in the past week. Despite the drop from the intra-day high of $22,645 on Tuesday, BTC has held steady above the $20k support.
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Source: https://thecryptobasic.com/2022/09/14/despite-bear-market-bitcoin-held-by-long-term-holders-hit-a-new-all-time-high/?utm_source=rss&utm_medium=rss&utm_campaign=despite-bear-market-bitcoin-held-by-long-term-holders-hit-a-new-all-time-high