On July 30, the amount of Bitcoin held by long-term holders reached an all-time high. According to data from blockchain analytics firm Glassnode, long-term holders now possess 14.55 million BTC, marking a new record in Bitcoin’s history.
Graph showing the long-term holder Bitcoin supply YTD (Source: Glassnode)
Long-term holders (LTHs) are defined as addresses that have held onto their Bitcoin for over 155 days playing a crucial role in the Bitcoin market due to their tendency to hold onto their assets through market volatility and thereby reducing the available supply and potentially exerting upward pressure on prices.
Historically, the supply of Bitcoin held by long-term holders has followed a cyclical pattern, increasing during bear markets and decreasing during bull runs.
Graph showing the long-term holder Bitcoin supply from 2009 to 2023 (Source: Glassnode)
The recent surge in LTH supply occurred when Bitcoin’s price was below $30,000. This accumulation led to a decrease in the
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