{"id":495415,"date":"2022-07-12T19:00:52","date_gmt":"2022-07-12T19:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=495415"},"modified":"2024-06-11T14:21:29","modified_gmt":"2024-06-11T14:21:29","slug":"glassnode-bitcoin-lths-2017-2020-arent-selling-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/glassnode-bitcoin-lths-2017-2020-arent-selling-yet\/","title":{"rendered":"Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren&#8217;t Selling Yet"},"content":{"rendered":"<p>Data from Glassnode shows the recent selling from Bitcoin long-term holders has come from those who bought at more recent prices, and not the hodlers who got in during the 2017-2020 cycle.<\/p>\n<h2>Bitcoin Long-Term Holders Have Been Selling At An Average Loss Of 33%<\/h2>\n<p>As per the latest weekly report from <a href=\"https:\/\/insights.glassnode.com\/\" rel=\"nofollow\">Glassnode<\/a>, the BTC long-term holder SOPR has had a value of less than one during recent weeks.<\/p>\n<p>The &#8220;<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-selling-long-term-holder-sopr-up\/\">spent output profit ratio<\/a>&#8221; is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now.<\/p>\n<p>When the value of the ratio is greater than one, it means the market as a whole is selling at some profit right now. On the other hand, the indicator&#8217;s value being less than one implies the investors are realizing some loss on average currently.<\/p>\n<p>Naturally, the metric&#8217;s value being exactly equal to one suggests the market is just breaking even at the moment.<\/p>\n<p>The &#8220;<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-long-term-holder-capitulation-bottom-zone-not-yet\/\">long-term holder<\/a>&#8221; group is a cohort that includes all investors who held their Bitcoin for at least 155 days before selling.<\/p>\n<p>Now, here is a chart that shows the trend in the SOPR over the last decade specifically for these LTHs:<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/insights.glassnode.com\/content\/images\/2022\/07\/woc_28_05-1.png?resize=2000%2C1152&#038;ssl=1\" alt=\"Bitcoin Long-Term Holder SOPR \" width=\"2000\" height=\"1152\"><\/p>\n<pre style=\"text-align: center\">Looks like the value of the indicator has been going down recently | Source: <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-28-2022\/\" rel=\"nofollow\">Glassnode's The Week Onchain - Week 28, 2022<\/a><\/pre>\n<p>As you can see in the above graph, the Bitcoin long-term holders have been selling at an average loss of 33% in recent days.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-bearish-signal-leverage-ratio-still-very-high\/\">Bitcoin Bearish Signal: Leverage Ratio Is Still Very High<\/a><\/em><\/strong><\/p>\n<p>However, as the below chart shows, the average cost basis of the LTHs is around $22.3k, which is only around 6% below the BTC price at the time the report came out (it&#8217;s now 10% at the current rate).<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone aligncenter\" src=\"https:\/\/i0.wp.com\/insights.glassnode.com\/content\/images\/2022\/07\/woc_28_01.png?resize=2000%2C1152&#038;ssl=1\" alt=\"Bitcoin Long-Term Holder Cost Basis\" width=\"2000\" height=\"1152\"><\/p>\n<pre style=\"text-align: center\">The BTC price seems to have sunk below the LTH cost basis recently | Source: <a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-28-2022\/\" rel=\"nofollow\">Glassnode's The Week Onchain - Week 28, 2022<\/a><\/pre>\n<p>The LTHs selling at an average of 33% loss despite the cost basis putting them only 10% underwater means the recent selling has majorly come from hodlers who bought during the recent highs.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<a href=\"https:\/\/wncen.com\/news\/bitcoin\/former-bitmex-ceo-arthur-hayes-says-prepare-for-a-massive-bitcoin-rally\/\">Former BitMEX CEO Arthur Hayes Says \u201cPrepare\u201d For A Massive Bitcoin Rally<\/a><\/em><\/strong><\/p>\n<p>This would suggest that LTHs who accumulated during the 2017-2020 cycle or earlier (and hence are either in profit, or in little loss) are still holding strong onto their Bitcoin.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-erases-last-week-gains-as-price-sinks-below-20000\/\">Bitcoin&#8217;s price<\/a> floats around $19.7k, up 1% in the last seven days. Over the past month, the crypto has lost 31% in value.<\/p>\n<p>The below chart shows the trend in the price of the coin over the last five days.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-495420 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/chart-8.png?resize=460%2C158\" alt=\"Bitcoin Price Chart\" width=\"460\" height=\"158\"><\/p>\n<pre style=\"text-align: center\">The value of the crypto seems to have been going down during the last few days | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">BTCUSD on TradingView<\/a><\/pre>\n<pre>Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Data from Glassnode shows the recent selling from Bitcoin long-term holders has come from those who bought at more recent prices, and not the hodlers who got in during the 2017-2020 cycle. Bitcoin Long-Term Holders Have Been Selling At An Average Loss Of 33% As per the latest weekly report from Glassnode, the BTC long-term holder SOPR has had a value of less than one during recent weeks. The &#8220;spent output profit ratio&#8221; is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. When the value of the ratio is greater than one, it means the market as a whole is selling at some profit right now. On the other hand, the indicator&#8217;s value being less than one implies the investors are realizing some loss on average currently. Naturally, the metric&#8217;s value being exactly equal to one suggests the market is just breaking even at the moment. The &#8220;long-term holder&#8221; group is a cohort that includes all investors who held their Bitcoin for at least 155 days before selling. Now, here is a chart that shows the trend in the SOPR over the last decade specifically for these LTHs: Looks like the value of the indicator has been going down recently | Source: Glassnode&#8217;s The Week Onchain &#8211; Week 28, 2022 As you can see in the above graph, the Bitcoin long-term holders have been selling at an average loss of 33% in recent days. Related Reading |\u00a0Bitcoin Bearish Signal: Leverage Ratio Is Still Very High However, as the below chart shows, the average cost basis of the LTHs is around $22.3k, which is only around 6% below the BTC price at the time the report came out (it&#8217;s now 10% at the current rate). The BTC price seems to have sunk below the LTH cost basis recently | Source: Glassnode&#8217;s The Week Onchain &#8211; Week 28, 2022 The LTHs selling at an average of 33% loss despite the cost basis putting them only 10% underwater means the recent selling has majorly come from hodlers who bought during the recent highs. Related Reading |\u00a0Former BitMEX CEO Arthur Hayes Says \u201cPrepare\u201d For A Massive Bitcoin Rally This would suggest that LTHs who accumulated during the 2017-2020 cycle or earlier (and hence are either in profit, or in little loss) are still holding strong onto their Bitcoin. BTC Price At the time of writing, Bitcoin&#8217;s price floats around $19.7k, up 1% in the last seven days. Over the past month, the crypto has lost 31% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have been going down during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":495425,"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":[428,84666,86066,1119,1144,61309],"class_list":["post-495415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-long-term-holders","tag-bitcoin-lth","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\n<title>Glassnode: Bitcoin LTHs Who Bought During 2017-2020 Aren&#039;t Selling Yet<\/title>\n<meta name=\"description\" content=\"Data from Glassnode shows the recent selling from Bitcoin long-term holders has come from those 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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. 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