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Glassnode Report: Long-term Bitcoin holders remain steadfast, with holdings value still at historical highs

Glassnode Report: Long-term Bitcoin holders remain steadfast, with holdings value still at historical highs

Bitget2024/08/13 14:39

Glassnode stated in its weekly on-chain report that after experiencing several months of relatively heavy distribution pressure, the behavior of Bitcoin holders seems to have turned back towards holding (HODL) and accumulation. In the past three months, more than 374,000 BTC has been transferred into a long-term holding (LTH) state. The activity in the spot market indicates a net tendency for selling pressure recently, and this trend has not completely subsided yet. However, severe price fluctuations over recent months have significantly slowed down LTH's distribution pressure leading to an initial stabilization and then resumed growth in their portfolio value ratio. Compared with ATH breakthroughs in past cycles, the portfolio value of current long-term holders is still at historical highs. This suggests that if Bitcoin prices rise in the future, LTH may face further withdrawal pressures. It also shows that despite Bitcoin's price consolidation or even recent declines these investors are less willing to reduce their holdings at lower prices. Overall, despite challenging and volatile market conditions long-term Bitcoin holders remain steadfast with evidence suggesting they are increasing their accumulation behavior. These investors hold a higher proportion of wealth within the Bitcoin network demonstrating patience as they wait for prices to rise.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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