Bitcoin Long-Term Holders Haven’t Given In To The Allure Of Profit-Taking Yet
In its latest weekly report, the on-chain analytics firm has discussed how the BTC long-term holders have reacted to the latest rally in the asset towards the $35,000 level.The “long-term holders” (LTHs) refer to those investors who have held onto their coins since at least 155 days ago. Statistically, the longer a holder keeps their coins still, the less likely they become to move them at any point.
The value of the metric seems to have going up in recent months | Source:
As displayed in the above graph, the Bitcoin LTH supply has increased recently and has set a new ATH of about 14.9 million BTC. This suggests that a net amount of the supply has continued to mature past the 155-day threshold despite the sharp rally that the asset has enjoyed.
From the chart, it’s visible that at some point during major historical rallies, these LTHs have usually participated in at least a bit of net selling as some members of the cohort look to harvest their gains. Interestingly, that hasn’t happened with this rally so far.The on-chain analytics firm notes that this is quite a high value considering the significant uptrend that Bitcoin has seen since the lows in 2022. Such indicator values have rather been seen during the deep bear market phases historically (except the March 2020 spike, which occurred because of the sudden COVID crash).
“This suggests that the LTH cohort may be a more hardened and firm-handed cohort compared to prior cycles,” explains the report.BTC Price
Bitcoin has seen a sharp 13% jump in the past 24 hours as the cryptocurrency is now trading at $34,500.Looks like BTC has seen some rapid growth recently | Source: