{"id":547516,"date":"2023-08-16T14:00:39","date_gmt":"2023-08-16T14:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=547516"},"modified":"2024-06-11T08:11:57","modified_gmt":"2024-06-11T08:11:57","slug":"bitcoin-speculators-retreat-as-long-term-holders-double-down","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-speculators-retreat-as-long-term-holders-double-down\/","title":{"rendered":"Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak"},"content":{"rendered":"

The Bitcoin market continues to reveal trends and patterns, vital for both long-term holders and short-term speculators.\u00a0<\/span>Notably, since Bitcoin reached its all-time high of $69,000, speculators, who play a pivotal role in the market, now hold less of the cryptocurrency.<\/span><\/p>\n

This insight comes from prominent analytics firm Glassnode in its “The Week On-Chain” newsletter<\/a>, which delves into the market’s dynamics<\/a> and potential implications.<\/span><\/p>\n

Bitcoin Stagnation And Role Of Short-Term Holders<\/span><\/h2>\n

The Bitcoin market has witnessed a prolonged period marked by relatively steady BTC price action. This phase has sown seeds of discontent among market participants, prompting speculation about potential downside risks.<\/span><\/p>\n

Related Reading: Bernstein Predicts Spot ETFs Could Claim 10% Of Bitcoin\u2019s Market If Greenlit<\/a><\/p>\n

So far, the asset only hovers between $29,000 and $25,000 price points<\/a> creating a tug-of-war between the bulls and bears in that price zones.<\/span><\/p>\n

A noteworthy shift in the Bitcoin market is the dwindling enthusiasm of its short-term traders, commonly referred to as speculators. This group, typically driven by the prospects of swift gains, seems to be re-evaluating its stance, perhaps deterred by the recent lack of significant price movement<\/a>.<\/span><\/p>\n

Glassnode points out that the market share of these short-term holders has ebbed to a mere 2.56 million BTC. This stands in stark contrast to their presence in October 2021, right before Bitcoin soared to its record high.<\/span><\/p>\n

Yet, while these speculators recede, long-term holders, often viewed as the bedrock of the Bitcoin community, are seemingly undeterred. Their stronghold over the currency is tightening, with a current hold of 14.6M BTC, the highest ever recorded.<\/span><\/p>\n

The report noted:<\/p>\n

Overall, this suggests that conviction of Bitcoin investors does remain impressively high, and very few are willing to liquidate their holdings.<\/span><\/p><\/blockquote>\n

\"Bitcoin
Bitcoin Holders Threshold chart. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

A Market Teetering On Decisions<\/span><\/h2>\n

The distinction in purchase prices between the two investor classes has been highlighted as a potential concern. According to the newsletter, Short-term speculators, having bought at a higher average price of $28,600, might be more susceptible to incurring losses with even a modest dip in Bitcoin’s price. <\/span><\/p>\n

On the other hand, long-term investors, with an aggregate purchase price substantially lower at around $20,300, seem more cushioned against market volatility<\/a>.<\/span><\/p>\n

\"Bitcoin
Bitcoin Holders On-chain Cost Basis. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

This variance in purchasing prices, combined with the contrasting reactions of the two investor groups, paints a picture of a market in flux, divided between those who believe in Bitcoin’s long-term value and those swayed by its immediate price trajectories.<\/span><\/p>\n

Related Reading: Bitcoin Price Key Indicators Suggest A Strong Case For More Losses<\/a><\/div>\n

Glassnode believes that “The separation between these two cost basis is an indicator that many recent buyers have a relatively elevated acquisition price.”<\/span><\/p>\n

Despite the current market uncertainty, an underlying sentiment that remains clear is the confidence of Bitcoin’s stalwarts. Their increasing hold suggests a steadfast belief in Bitcoin’s potential, even as speculators seem to waver amid its current price downturn<\/a>.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price is moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin market continues to reveal trends and patterns, vital for both long-term holders and short-term speculators.\u00a0Notably, since Bitcoin reached its all-time high of $69,000, speculators, who play a pivotal role in the market, now hold less of the cryptocurrency. This insight comes from prominent analytics firm Glassnode in its “The Week On-Chain” newsletter, which delves into the market’s dynamics and potential implications. Bitcoin Stagnation And Role Of Short-Term Holders The Bitcoin market has witnessed a prolonged period marked by relatively steady BTC price action. This phase has sown seeds of discontent among market participants, prompting speculation about potential downside risks. Related Reading: Bernstein Predicts Spot ETFs Could Claim 10% Of Bitcoin\u2019s Market If Greenlit So far, the asset only hovers between $29,000 and $25,000 price points creating a tug-of-war between the bulls and bears in that price zones. A noteworthy shift in the Bitcoin market is the dwindling enthusiasm of its short-term traders, commonly referred to as speculators. This group, typically driven by the prospects of swift gains, seems to be re-evaluating its stance, perhaps deterred by the recent lack of significant price movement. Glassnode points out that the market share of these short-term holders has ebbed to a mere 2.56 million BTC. This stands in stark contrast to their presence in October 2021, right before Bitcoin soared to its record high. Yet, while these speculators recede, long-term holders, often viewed as the bedrock of the Bitcoin community, are seemingly undeterred. Their stronghold over the currency is tightening, with a current hold of 14.6M BTC, the highest ever recorded. The report noted: Overall, this suggests that conviction of Bitcoin investors does remain impressively high, and very few are willing to liquidate their holdings. A Market Teetering On Decisions The distinction in purchase prices between the two investor classes has been highlighted as a potential concern. According to the newsletter, Short-term speculators, having bought at a higher average price of $28,600, might be more susceptible to incurring losses with even a modest dip in Bitcoin’s price. On the other hand, long-term investors, with an aggregate purchase price substantially lower at around $20,300, seem more cushioned against market volatility. This variance in purchasing prices, combined with the contrasting reactions of the two investor groups, paints a picture of a market in flux, divided between those who believe in Bitcoin’s long-term value and those swayed by its immediate price trajectories. Related Reading: Bitcoin Price Key Indicators Suggest A Strong Case For More Losses Glassnode believes that “The separation between these two cost basis is an indicator that many recent buyers have a relatively elevated acquisition price.” Despite the current market uncertainty, an underlying sentiment that remains clear is the confidence of Bitcoin’s stalwarts. Their increasing hold suggests a steadfast belief in Bitcoin’s potential, even as speculators seem to waver amid its current price downturn. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,6664,61309],"class_list":["post-547516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-glassnode"],"acf":[],"yoast_head":"\nBitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak<\/title>\n<meta name=\"description\" content=\"The Bitcoin market continues to reveal trends and patterns, vital for both long-term holders and short-term speculators.\u00a0Notably, since...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak","url":"http:\/\/wncen.com\/news\/bitcoin-speculators-retreat-as-long-term-holders-double-down\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-speculators-retreat-as-long-term-holders-double-down\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","crypto","glassnode"],"dateCreated":"2023-08-16T14:00:39Z","datePublished":"2023-08-16T14:00:39Z","dateModified":"2024-06-11T08:11:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-speculators-retreat-as-long-term-holders-double-down\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-speculators-retreat-as-long-term-holders-double-down\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"crypto\",\"glassnode\"],\"dateCreated\":\"2023-08-16T14:00:39Z\",\"datePublished\":\"2023-08-16T14:00:39Z\",\"dateModified\":\"2024-06-11T08:11:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547516"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=547516"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=547516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=547516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=547516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}