{"id":557327,"date":"2023-10-24T18:00:38","date_gmt":"2023-10-24T18:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=557327"},"modified":"2024-06-11T08:08:27","modified_gmt":"2024-06-11T08:08:27","slug":"bitcoin-long-term-holders-stay-resolute-despite-rally-supply-hits-new-ath","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-long-term-holders-stay-resolute-despite-rally-supply-hits-new-ath\/","title":{"rendered":"Bitcoin Long-Term Holders Stay Resolute Despite Rally, Supply Hits New ATH"},"content":{"rendered":"

On-chain data shows the Bitcoin long-term holder supply has set a new all-time high (ATH) despite the rally offering a profitable exit point.<\/p>\n

Bitcoin Long-Term Holders Haven’t Given In To The Allure Of Profit-Taking Yet<\/h2>\n

In its latest weekly report, the on-chain analytics firm Glassnode<\/a> has discussed how the BTC long-term holders have reacted to the latest rally in the asset towards the $35,000 level.<\/p>\n

The “long-term holders<\/a>” (LTHs) refer to those investors who have held onto their coins since at least 155 days ago. Statistically, the longer a holder keeps their coins still, the less likely they become to move them at any point.<\/p>\n

Related Reading: Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs<\/a><\/div>\n

Thus, since the LTHs have been holding their coins for a significant amount, they generally tend to remain quiet in the future. Throughout history, this cohort has shown this conviction regardless of whatever is going on in the market, whether FUD from crashes or FOMO from rallies.<\/p>\n

Because of this, the times that the LTHs participate in selling can be ones to watch for, as they show that the market has pushed even these diamond hands towards selling.<\/p>\n

Now, here is a chart that shows the trend in the supply held by the Bitcoin LTHs throughout the history of the cryptocurrency:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have going up in recent months | Source: Glassnode's The Week Onchain - Week 43, 2023<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin LTH supply has increased recently and has set a new ATH of about 14.9 million BTC. This suggests that a net amount of the supply has continued to mature past the 155-day threshold despite the sharp rally<\/a> that the asset has enjoyed.<\/p>\n
From the chart, it’s visible that at some point during major historical rallies, these LTHs have usually participated in at least a bit of net selling as some members of the cohort look to harvest their gains. Interestingly, that hasn’t happened with this rally so far.<\/p>\n
In the chart, Glassnode has also attached the data for another metric: the amount of the LTH supply being held at some loss. It would appear that 29.6% of the supply owned by these HODLers (about 4.28 million BTC) is currently carrying a net unrealized loss.<\/p>\n
The on-chain analytics firm notes that this is quite a high value considering the significant uptrend that Bitcoin has seen since the lows in 2022. Such indicator values have rather been seen during the deep bear market phases historically (except the March 2020 spike, which occurred because of the sudden COVID crash<\/a>).<\/p>\n
Related Reading: All Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead<\/a><\/div>\n
“This suggests that the LTH cohort may be a more hardened and firm-handed cohort compared to prior cycles,” explains the report.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has seen a sharp 13% jump in the past 24 hours as the cryptocurrency is now trading at $34,500.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has seen some rapid growth recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Aleksi R\u00e4is\u00e4 on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin long-term holder supply has set a new all-time high (ATH) despite the rally offering a profitable exit point. Bitcoin Long-Term Holders Haven’t Given In To The Allure Of Profit-Taking Yet In its latest weekly report, the on-chain analytics firm Glassnode has discussed how the BTC long-term holders have reacted to the latest rally in the asset towards the $35,000 level. The “long-term holders” (LTHs) refer to those investors who have held onto their coins since at least 155 days ago. Statistically, the longer a holder keeps their coins still, the less likely they become to move them at any point. Related Reading: Economist Peter Schiff Raises Concerns About Spot Bitcoin ETFs Thus, since the LTHs have been holding their coins for a significant amount, they generally tend to remain quiet in the future. Throughout history, this cohort has shown this conviction regardless of whatever is going on in the market, whether FUD from crashes or FOMO from rallies. Because of this, the times that the LTHs participate in selling can be ones to watch for, as they show that the market has pushed even these diamond hands towards selling. Now, here is a chart that shows the trend in the supply held by the Bitcoin LTHs throughout the history of the cryptocurrency: The value of the metric seems to have going up in recent months | Source: Glassnode’s The Week Onchain – Week 43, 2023 As displayed in the above graph, the Bitcoin LTH supply has increased recently and has set a new ATH of about 14.9 million BTC. This suggests that a net amount of the supply has continued to mature past the 155-day threshold despite the sharp rally that the asset has enjoyed. From the chart, it’s visible that at some point during major historical rallies, these LTHs have usually participated in at least a bit of net selling as some members of the cohort look to harvest their gains. Interestingly, that hasn’t happened with this rally so far. In the chart, Glassnode has also attached the data for another metric: the amount of the LTH supply being held at some loss. It would appear that 29.6% of the supply owned by these HODLers (about 4.28 million BTC) is currently carrying a net unrealized loss. The on-chain analytics firm notes that this is quite a high value considering the significant uptrend that Bitcoin has seen since the lows in 2022. Such indicator values have rather been seen during the deep bear market phases historically (except the March 2020 spike, which occurred because of the sudden COVID crash). Related Reading: All Clear For $40,000? Bitcoin Shows Little On-Chain Resistance Ahead “This suggests that the LTH cohort may be a more hardened and firm-handed cohort compared to prior cycles,” explains the report. BTC Price Bitcoin has seen a sharp 13% jump in the past 24 hours as the cryptocurrency is now trading at $34,500. Looks like BTC has seen some rapid growth recently | Source: BTCUSD on TradingView Featured image from Aleksi R\u00e4is\u00e4 on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":557330,"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":[428,86770,84666,6481,1119,1144],"class_list":["post-557327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-long-term-holder-supply","tag-bitcoin-long-term-holders","tag-bitcoin-rally","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Long-Term Holders Stay Resolute Despite Rally, Supply Hits New ATH<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin long-term holder supply has set a new all-time high (ATH) 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Long-Term Holders Stay Resolute Despite Rally, Supply Hits New ATH","url":"http:\/\/wncen.com\/news\/bitcoin-long-term-holders-stay-resolute-despite-rally-supply-hits-new-ath\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-long-term-holders-stay-resolute-despite-rally-supply-hits-new-ath\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/aleksi-raisa-y-BIhyjjHv4-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/aleksi-raisa-y-BIhyjjHv4-unsplash.jpg?fit=5000%2C3111"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin long-term holder supply","bitcoin long-term holders","bitcoin rally","btc","btcusd"],"dateCreated":"2023-10-24T18:00:38Z","datePublished":"2023-10-24T18:00:38Z","dateModified":"2024-06-11T08:08:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Long-Term Holders Stay Resolute Despite Rally, Supply Hits New ATH\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-long-term-holders-stay-resolute-despite-rally-supply-hits-new-ath\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-long-term-holders-stay-resolute-despite-rally-supply-hits-new-ath\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/aleksi-raisa-y-BIhyjjHv4-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/aleksi-raisa-y-BIhyjjHv4-unsplash.jpg?fit=5000%2C3111\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin long-term holder supply\",\"bitcoin long-term holders\",\"bitcoin rally\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-10-24T18:00:38Z\",\"datePublished\":\"2023-10-24T18:00:38Z\",\"dateModified\":\"2024-06-11T08:08:27Z\"}<\/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\/10\/aleksi-raisa-y-BIhyjjHv4-unsplash.jpg?fit=5000%2C3111","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/557327"}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=557327"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/557327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/557330"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=557327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=557327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=557327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}