Thursday, July 25, 2024

Despite a five-month price high, long-term Bitcoin bulls remain bullish

Glassnode, a leading on-chain analytics firm, has revealed that long-term BTC holders are not ready to sell, though the Bitcoin markets are presently at a five-month record high. Glassnode brings out the Week On-chain report every week. These statistics come from its newest Monday edition of Week on-chain. As per the report, long-term Bitcoin holders’ wallets have not had any outflow for over 150 days. They also revealed that almost 70% of Bitcoin’s global supply sits in these wallets of long-term Bitcoin holders. 70% of Bitcoins translate to around 13.3 million BTC.

There is more to the report that reveals interesting information about the state of long-term BTC holders. In the last seven months, we have seen long-term holders collectively adding over 2.37 million BTC to their wallets. At Bitcoin’s current price, it stands at around $134 billion. In spite of such high additions to wallets, it is surprising that only 186,000 BTC were minted over this same period. The long-term whales are, thus, adding almost 12 times more Bitcoins than what is minted.

The crypto market is on a bullish run right now, with a 19% on-chain increase in the number of active addresses. Such high levels were not seen since the bullish run of December 2020. Glassnode analysts pointed out that a rise in activity could be the indication of a future bullish run. They have stated that activity in the market has always corresponded with increasing enthusiasm in the asset in its early stage bull markets. If Glassnode predictions are true, we are on the verge of another bullish trend.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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