Bitcoin Long-Term Holder Supply Has Sharply Declined Recently
According to the latest weekly report from , the long-term holder supply has observed one of its most significant declines this year in recent days.The “long-term holder” (LTH) group is a Bitcoin cohort that includes all those investors who have been holding onto their coins since at least 155 days ago, without having sold or moved them.
The value of the metric seems to have been on the decline in recent days | Source:As you can see in the above graph, the Bitcoin LTH supply set a new all-time high of around 13.883 million BTC just a couple of weeks or so ago.
This peak was just before the crash triggered by the fall of crypto exchange FTX initiated. As soon as the price plunge started, however, the indicator’s value also began to go down.
This means that the LTHs were dumping their coins, contributing to the price decline. The decrease in their supply has been consistently happening in the last two weeks, suggesting that these resolute holders didn’t slow down even after the initial crash was over. So far, the Bitcoin LTH supply has gone down by about 84.56k BTC since the ATH was set, taking the metric’s value to 13.799 million BTC. While this drawdown is significant, it’s still less than the previous three selloffs seen in May, June, and July. Nonetheless, this is still a sign of weakness from what should be the most resolute holder group in the Bitcoin market, and the selloff also still seems to be underway so it can can possibly even deepen.BTC Price
At the time of writing, Bitcoin’s price floats around $15.7k, down 6% in the last week.
Looks like BTC has gone down during the past two days | Source:
Featured image from Vasilis Chatzopoulos on Unsplash.com, charts from TradingView.com, Glassnode.com