Bitcoin Long-Term Holder Supply Recovers From FTX Panic Selling
According to the latest weekly report from , BTC long-term holders now hold around 72.3% of the total circulating supply. The “long-term holder” (LTH) group is one of the two major cohorts in the Bitcoin market and includes all investors who have been holding onto their coins for at least 155 days ago, without having moved or sold them from their wallet.
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“Short-term holders” (STHs) make up the other side of the market. Statistically, the longer investors hold their coins, the less probable they become to sell at any point. Therefore, LTHs are the more resolute group of the two and are sometimes dubbed the “diamond hands” of the market.
The “LTH supply” is an indicator that measures the total amount of BTC that these HODLers as a whole are currently carrying in their wallets. Here is a chart that shows the trend in this metric over the last few years:Looks like the value of this metric has seen an increase in recent days | Source:
As the above graph shows, the Bitcoin LTHs displayed a strong accumulation trend between July and early November, causing their supply to reach a new height. However, the crash due to the collapse of the crypto exchange FTX completely reversed the trend as these holders quickly started shedding off their holdings instead.
This decline in the indicator suggests that the crash made even these resolute holders panic and sell off their coins. But in the last few weeks, tides have once again seemed to have shifted. As the market has traded sideways, the LTH supply has observed a constant rise, implying that these investors are back at accumulating. The metric has now fully retraced the drawdown due to the FTX debacle and has set a new all-time high of 13.9 million BTC, corresponding to about 72.3% of the total circulating supply.BTC seems to have bounced back from yesterday's fall | Source:At the time of writing, Bitcoin’s price is trading around $17.2k, up 1% in the last week.