{"id":555109,"date":"2023-10-12T12:30:47","date_gmt":"2023-10-12T12:30:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=555109"},"modified":"2024-06-11T10:34:48","modified_gmt":"2024-06-11T10:34:48","slug":"bitcoin-price-1-35-billion-btc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-1-35-billion-btc\/","title":{"rendered":"Bitcoin Price Plunge: Long-Term Holders Buy $1.35 Billion Worth Of BTC"},"content":{"rendered":"

A new <\/span>report from Glassnode<\/span><\/a>, an on-chain analytical firm, has buttressed <\/span>recent data indicating<\/span><\/a> Bitcoin holders are adding to their holdings. These long-term Bitcoin investors, often known as “<\/span>HODLers<\/span><\/a>,” don’t appear to be phased by the recent volatility in Bitcoin’s price.<\/span><\/p>\n

\u00a0According to on-chain data, long-term holders have been rapidly amassing Bitcoin, adding more than 50,000 BTC each month to their holdings.<\/span><\/p>\n

Monthly Accumulation Of BTC Worth $1.35 Billion<\/h2>\n

Bitcoin is currently showing signs of slowing down, as its price just dipped below $27,000. It would appear that short-term speculators are mostly to blame for the persistent selling pressure, as data shows whale investors are seeing this opportunity to buy more BTC at a discount rather than secure profits.\u00a0<\/span><\/p>\n

According to Glassnode’s HODLer Net Position Change metric, long-term holders are purchasing an average of 50,000 BTC worth $1.35 billion at the current price of Bitcoin every month.<\/span><\/p>\n

Another metric, the Long-Term Holder Supply, which measures the amount of BTC’s market cap with holders, also reached an all-time high of 14.859 million BTC. This means 76.1% of the total circulating supply has not moved in the past five months. Consequently, 94.8% of the total Bitcoin supply has not moved in the past month.<\/span><\/p>\n

\"Bitcoin<\/p>\n

Source: Glassnode<\/pre>\n
To back up this data of increased accumulation, popular crypto analyst Ali Martinez shared chart data from Santiment showing Bitcoin whales have purchased around 20,000 BTC since the beginning of October, worth roughly $550 million.\u00a0<\/span><\/p>\n
At this rate, the number of BTC vaulted by holders is poised to pass 50,000 in October. This increased accumulation suggests that long-term holders remain confident in Bitcoin\u2019s long-term potential and see this price correction as temporary.<\/span><\/p>\n
\n
#Bitcoin<\/a> whales have purchased around 20,000 $BTC<\/a> since the beginning of October, worth roughly $550 million! pic.twitter.com\/47ZePiaIII<\/a><\/p>\n
\u2014 Ali (@ali_charts) October 10, 2023<\/a><\/p><\/blockquote>\n
\"Bitcoin<\/p>\n
BTC price falls below $27,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Bitcoin Supply Tightens<\/h2>\n
According to Glassnode, only 11.5% of BTC’s circulating supply changed hands in the last 3 months, indicating a prolonged <\/span>inactive period of on-chain activity<\/span><\/a>. That there are fewer transactions suggests that investors are unwilling to sell at the current price as the industry awaits <\/span>approval of spot Bitcoin ETFs<\/span><\/a>.\u00a0<\/span><\/p>\n
\"Bitcoin<\/p>\n
Source: Glassnode<\/pre>\n
If this current trend holds, then the current downtrend could be short-lived, especially if sentiment among smaller traders also turns toward buying. A predominantly hold mentality would give the asset time to recover and establish significant support that serves as a bounce-off point for another rally.<\/span><\/p>\n
Bitcoin is currently trading at $26,766 and is down by 1.31% in a 24-hour timeframe as it <\/span>approaches the next major support<\/span><\/a> near the $26,500 level. If enough large players accumulate at these lower prices, it may establish a price floor as bulls push the price back up.<\/span><\/p>\n
As crypto analyst James Straten points out, Bitcoin could jump 50% as part of the <\/span>correlation between<\/span><\/a> the Grayscale Bitcoin Trust and the price of BTC.\u00a0<\/span><\/p>\n
Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A new report from Glassnode, an on-chain analytical firm, has buttressed recent data indicating Bitcoin holders are adding to their holdings. These long-term Bitcoin investors, often known as “HODLers,” don’t appear to be phased by the recent volatility in Bitcoin’s price. \u00a0According to on-chain data, long-term holders have been rapidly amassing Bitcoin, adding more than 50,000 BTC each month to their holdings. Monthly Accumulation Of BTC Worth $1.35 Billion Bitcoin is currently showing signs of slowing down, as its price just dipped below $27,000. It would appear that short-term speculators are mostly to blame for the persistent selling pressure, as data shows whale investors are seeing this opportunity to buy more BTC at a discount rather than secure profits.\u00a0 According to Glassnode’s HODLer Net Position Change metric, long-term holders are purchasing an average of 50,000 BTC worth $1.35 billion at the current price of Bitcoin every month. Another metric, the Long-Term Holder Supply, which measures the amount of BTC’s market cap with holders, also reached an all-time high of 14.859 million BTC. This means 76.1% of the total circulating supply has not moved in the past five months. Consequently, 94.8% of the total Bitcoin supply has not moved in the past month. Source: Glassnode To back up this data of increased accumulation, popular crypto analyst Ali Martinez shared chart data from Santiment showing Bitcoin whales have purchased around 20,000 BTC since the beginning of October, worth roughly $550 million.\u00a0 At this rate, the number of BTC vaulted by holders is poised to pass 50,000 in October. This increased accumulation suggests that long-term holders remain confident in Bitcoin\u2019s long-term potential and see this price correction as temporary. #Bitcoin whales have purchased around 20,000 $BTC since the beginning of October, worth roughly $550 million! pic.twitter.com\/47ZePiaIII \u2014 Ali (@ali_charts) October 10, 2023 BTC price falls below $27,000 | Source: BTCUSD on Tradingview.com Bitcoin Supply Tightens According to Glassnode, only 11.5% of BTC’s circulating supply changed hands in the last 3 months, indicating a prolonged inactive period of on-chain activity. That there are fewer transactions suggests that investors are unwilling to sell at the current price as the industry awaits approval of spot Bitcoin ETFs.\u00a0 Source: Glassnode If this current trend holds, then the current downtrend could be short-lived, especially if sentiment among smaller traders also turns toward buying. A predominantly hold mentality would give the asset time to recover and establish significant support that serves as a bounce-off point for another rally. Bitcoin is currently trading at $26,766 and is down by 1.31% in a 24-hour timeframe as it approaches the next major support near the $26,500 level. If enough large players accumulate at these lower prices, it may establish a price floor as bulls push the price back up. As crypto analyst James Straten points out, Bitcoin could jump 50% as part of the correlation between the Grayscale Bitcoin Trust and the price of BTC.\u00a0 Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":555114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85960,656,1119,87486,89185,86267,1122,1144,78790],"class_list":["post-555109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-holders","tag-bitcoin-news","tag-btc","tag-btc-holders","tag-btc-news","tag-btc-performance","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price Plunge: Long-Term Holders Buy $1.35 Billion Worth Of BTC<\/title>\n<meta name=\"description\" content=\"A new 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Plunge: Long-Term Holders Buy $1.35 Billion Worth Of BTC","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-1-35-billion-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-1-35-billion-btc\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/shutterstock_2072207891.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/shutterstock_2072207891.jpg?fit=2680%2C1508"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin holders","bitcoin news","btc","btc holders","btc news","btc performance","btc price","btcusd","btcusdt"],"dateCreated":"2023-10-12T12:30:47Z","datePublished":"2023-10-12T12:30:47Z","dateModified":"2024-06-11T10:34:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Plunge: Long-Term Holders Buy $1.35 Billion Worth Of BTC\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-1-35-billion-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-1-35-billion-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_2072207891.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_2072207891.jpg?fit=2680%2C1508\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin holders\",\"bitcoin news\",\"btc\",\"btc holders\",\"btc news\",\"btc performance\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-10-12T12:30:47Z\",\"datePublished\":\"2023-10-12T12:30:47Z\",\"dateModified\":\"2024-06-11T10:34:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/shutterstock_2072207891.jpg?fit=2680%2C1508","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/555109"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=555109"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/555109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/555114"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=555109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=555109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=555109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}