The data shows that bitcoin supply has reached an all-time high over a year ago, indicating that the asset’s diamond hand has remained strong throughout the rally.
Bitcoin Long-Term Holders Unfazed Despite Rally
According to the latest weekly report from glass nodesupply more than 6 months ago is also close to ATH now. Here are two relevant Bitcoin indicators: supply more than 6 months ago and supply more than 1 year ago.
As their names already suggest, these indicators have dormant (i.e. not moved or sold from a single wallet address) beyond their respective time cutoffs. Includes coins.
In general, investors who have held coins for more than 6 months are included in the “Long Term Holders” (LTH) group. This means that both supplies of interest here (6 months and over and his 1 year and over) include these holders.
Statistically speaking, the longer a token sits dormant on the blockchain, the less likely it is to be sold. Because LTH holds coins for a long period of time, it cannot be sold easily and is called the market’s determined “Diamond Hand”.
Now, these LTH-held bitcoin supply trend charts are for two different starting cutoffs.
Looks like the values of the metrics have been climbing in recent days | Source: Glassnode's The Week Onchain - Week 8, 2023
As shown in the graph above, bitcoin supply over six months ago has declined somewhat before and after the FTX collapse, with some of these LTHs surrendering during the crash. It shows that it was under enough pressure.
However, over a year old supply suggests that it was mostly owners of coins between 6 and 12 months old who did not notice a significant drawdown during the price plunge and who were dumped in the crash. This trend can be taken as an indication that older coins are generally less mobile.
Since the crash, both of these supplies have shown an upward trend, reaching a new ATH of 12.9 million BTC for over a year, and nearly 1 for over six months as the current value is around 14.9 million BTC. (Last ATH was north of 15). million BTC).
Interestingly, these supplies have either flattened out or increased since the recent rally in asset prices began. This means that even a year-to-date (YTD) gain of 50% has failed to get these LTHs to participate in any profit-taking, suggesting that these investors are now strongly bullish about cryptocurrencies. indicates that you may have We can expect even greater returns in the future.
BTC Price
Bitcoin is trading around $24,600 at the time of writing, up 13% over the past week.
BTC seems to have been moving sideways in the last few days | Source: BTCUSD on TradingView
Kanchanara Featured Image on Unsplash.com, Charts on TradingView.com, Glassnode.com