Glassnode Suggests Bitcoin Long-Term Holder Conviction Not Lost Yet
15 Novembre 2022 - 05:00PM
NEWSBTC
Data from Glassnode suggests Bitcoin long-term holder capitulation
hasn’t reached a scale that would imply a widespread loss of
conviction yet. Bitcoin Long-Term Holder Supply Has Declined By
61.5k BTC Since 6 Nov According to the latest weekly report from
Glassnode, the BTC long-term holder supply has observed a notable
decrease recently. The “long-term holders” (LTHs) make up a cohort
that includes all Bitcoin investors who have been holding onto
their coins since at least 155 days ago. Holders belonging to this
group are statistically the least likely to sell at any point, so
movements from them can have noticeable implications for the
market. The “long-term holder supply” is an indicator that measures
the total number of coins currently stored in the wallets of these
resolute investors. Changes in the value of this metric can tell us
whether the LTHs are accumulating or selling at the moment. Now,
here is a chart that shows the trend in the Bitcoin LTH supply over
the last few years: Looks like the value of the metric has
decreased in the last few days | Source: Glassnode's The Week
Onchain - Week 46, 2022 As you can see in the above graph, the
Bitcoin LTH supply had been riding a constant uptrend for many
months before last week, and set new all-time highs. This means
that the market had been continuously accumulating the crypto as
the bear market went on. Related Reading: Quant Points Out Striking
Resemblance Between 2017 And 2021 Bitcoin Cycles However, since the
6th of November (when the crash triggered by the FTX collapse
began), the indicator has sharply declined, suggesting that LTHs
have participated in some selling. In total, the decline has
amounted to around 61.5k BTC exiting the wallets of the LTHs in
this period so far. The chart also includes the data for the 7-day
changes in this Bitcoin indicator, and it seems like the metric has
a negative value of 48.1k right now. Related Reading: Bitcoin Moves
Differently From US Stock Market, Correlation Weakening? This value
isn’t negligible, but as is apparent from the graph, this red spike
isn’t on the level of the ones observed during the previous
selloffs. The report notes that this could imply there hasn’t been
a widespread loss of conviction among Bitcoin’s most resolute
holders yet. Nonetheless, it remains to be seen where the metric
goes from here. “Should this develop into a sustained LTH-supply
decline however, it may suggest otherwise,” cautions Glassnode. BTC
Price At the time of writing, Bitcoin’s price floats around $16.8k,
down 15% in the last week. Over the last month, the crypto has lost
13% in value. The value of the crypto seems to still be trading
sideways | Source: BTCUSD on TradingView Featured image from Daniel
Dan on Unsplash.com, charts from TradingView.com, Glassnode.com
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