Bitcoin’s long-term holders are addresses that have held onto their Bitcoin for over 155 days. And while 155 days might not sound like a lot of time in the context of Bitcoin, addresses that have held onto their assets for longer than that have a statistically lower chance of selling their BTC.
Therefore, the actions and decisions of this particular entity can significantly influence the crypto market and Bitcoin’s price trajectory. Historically, long-term holders have shown resilience during Bitcoin’s price fluctuations, often holding onto their assets during downturns and selling during peaks.
Recently, Bitcoin’s price has shown a relatively flat trading pattern, hovering around the $26,200 mark after reclaiming its $26,000 support just last week. This stabilization comes on the heels of a tumultuous month, where Bitcoin’s price plummeted to lows of $25,000, a stark contrast to the preceding months of sideways movement between $29,000 and $30,000.
Despite the price volatility, the Bitcoin supply held by long-term holders has surged to an all-time high.
The long-term holder supply now stands at 14.83 million BTC. Since the beginning of 2023, this supply has seen an addition of 757,177 BTC. Over the past year, it has grown by 1.07 million BTC, with 152,216 BTC added in just the last 30 days.
This surge in long-term holder supply underscores these holders’ confidence in Bitcoin’s long-term potential. Even amidst price fluctuations, their willingness to hold suggests a belief in the cryptocurrency’s enduring value. Moreover, with such a significant portion of Bitcoin’s supply being held long-term, there’s reduced liquidity in the market, which can lead to increased price volatility.
Currently, the long-term holder supply constitutes a whopping 76.09% of Bitcoin’s circulating supply. The last time this percentage was surpassed was in August 2015, when it briefly exceeded 76%. This indicates that most of Bitcoin’s circulating supply is now in the hands of those who believe in its long-term value proposition.
The long-term holder realized…
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