Long-Term Bitcoin Holders Gobble Up USD 13,400,000,000 worth of BTC in Q1 2023: Analytics Firm IntoTheBlock
New data from crypto analytics platform IntoTheBlock reveals that long-term Bitcoin (BTC) holders snapped up billions of dollars worth of the crypto king in Q1 2023.
In a new report, IntoTheBlock says that long-term investors of Bitcoin and Ethereum (ETH) have significantly increased their exposure to the digital assets in Q1 of 2023, which historically could mean that these entities are unlikely to sell until BTC and ETH close on their all -time highs.
“The amount of Bitcoin and Ether held by hodlers continues to reach all-time highs.
Addresses with holdings for over a year have increased their holdings by $13.4 billion and $4.7 billion respectively of Bitcoin and Ether so far in 2023. If the history of previous bull markets repeats itself, these addresses are unlikely to sell until we approaching previous records. ”
According to the market intelligence firm, Q2 2023 could hold potential catalysts for the two leading digital assets, such as ETH’s upcoming Shanghai upgrade and BTC’s next halving cycle, which are seen as a force behind crypto cycles.
IntoTheBlock says that ETH’s upgrade may cause short-term selling pressure due to the addition of staking withdrawals, but in the long term it can be seen as bullish because it encourages more users to stake.
The firm also says investors should keep an eye on key price levels for Bitcoin and Ethereum. According to IntoTheBlock, investors accumulated around $17 billion of BTC at $27,000 and $15.1 billion of ETH at around $1,700.
“$27,000 and $1,700 for Bitcoin and Ether respectively are the levels to watch in the near term as they have the largest concentration of buyers, with 623,800 BTC (~$17B) and 8.4M ETH (~$15.1B) which is acquired at this level.
If prices were to break this level, there is not much support based on previous buying patterns prior to $24,500 and $1,500 for Bitcoin and Ether.
On the sell side, recent highs of $29,000 and $1,850 have pressure from addresses that previously bought around that range, but there is not much further resistance if prices climb beyond those levels.”
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