Long-term Bitcoin holders now own 13.62 million BTC
Long-term Bitcoin (BTC) holders are not ready to sell their digital assets despite the latest crypto market correction. Glassnode’s data indicates that the long-term owners of the world’s most valuable digital currency now own approximately 13.62 million Bitcoin, which is the highest level on record.
“Total supply held by long-term holders has reached a new ATH of 13.62 million BTC, LTH supply is the volume of Bitcoin that has been dormant for 155 days and is statistically least likely to be used during market volatility,” Glassnode noted.
The Bitcoin network has been unstable in recent days. Earlier this week, the total number of active BTC addresses reached its highest level in three months. During the first week of September 2022, the dormant BTC supply crossed 65.7%.
However, the network witnessed some concerns as the profitable supply has fallen in recent weeks amid a plunge in Bitcoin’s price. On Friday, the digital currency fell below $20,000. As a result, the average transaction volume (7-day moving average) reached $160,275 on Friday, which is the lowest level in a month.
Bear market
With a decline of more than 70% from its all-time high in November 2021, Bitcoin is currently going through one of the worst phases in its history.
“Bitcoin has now been in a sustained market decline for ten months since the November 2021 ATH. This week, Bitcoin spot prices hit the $18,649 level, marking the second lowest local low with a 72.5% decline from the cycle peak. Compared to previous cyclical bottoms, the 2022 contraction has not been as significant from a percentage drawdown perspective. The declines in 2015, 2018, and 2020 reached over 77%+ withdrawals from ATH. But even with a lower withdrawal rate, the scale of economic losses in this bear market can reasonably be argued to be the largest in history, said Glassnode in its report.
Long-term Bitcoin (BTC) holders are not ready to sell their digital assets despite the latest crypto market correction. Glassnode’s data indicates that the long-term owners of the world’s most valuable digital currency now own approximately 13.62 million Bitcoin, which is the highest level on record.
“Total supply held by long-term holders has reached a new ATH of 13.62 million BTC, LTH supply is the volume of Bitcoin that has been dormant for 155 days and is statistically least likely to be used during market volatility,” Glassnode noted.
The Bitcoin network has been unstable in recent days. Earlier this week, the total number of active BTC addresses reached its highest level in three months. During the first week of September 2022, the dormant BTC supply crossed 65.7%.
However, the network witnessed some concerns as the profitable supply has fallen in recent weeks amid a plunge in Bitcoin’s price. On Friday, the digital currency fell below $20,000. As a result, the average transaction volume (7-day moving average) reached $160,275 on Friday, which is the lowest level in a month.
Bear market
With a decline of more than 70% from its all-time high in November 2021, Bitcoin is currently going through one of the worst phases in its history.
“Bitcoin has now been in a sustained market decline for ten months since the November 2021 ATH. This week, Bitcoin spot prices hit the $18,649 level, marking the second lowest local low with a 72.5% decline from the cycle peak. Compared to previous cyclical bottoms, the 2022 contraction has not been as significant from a percentage drawdown perspective. The declines in 2015, 2018, and 2020 reached over 77%+ withdrawals from ATH. But even with a lower withdrawal rate, the scale of economic losses in this bear market can reasonably be argued to be the largest in history, said Glassnode in its report.
