{"id":512206,"date":"2022-12-13T02:00:53","date_gmt":"2022-12-13T07:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=512206"},"modified":"2024-06-11T14:31:54","modified_gmt":"2024-06-11T14:31:54","slug":"bitcoin-long-term-supply-regains-ath-conviction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-long-term-supply-regains-ath-conviction\/","title":{"rendered":"Bitcoin Long-Term Holder Supply Reclaims ATH, Return Of Conviction?"},"content":{"rendered":"

Data shows the Bitcoin long-term holder supply has climbed back up and set a new all-time high, suggesting that conviction may be returning in the market.<\/p>\n

Bitcoin Long-Term Holder Supply Recovers From FTX Panic Selling<\/h2>\n

According to the latest weekly report from Glassnode<\/a>, BTC long-term holders now hold around 72.3% of the total circulating supply. The “long-term holder<\/a>” (LTH) group is one of the two major cohorts in the Bitcoin market and includes all investors who have been holding onto their coins for at least 155 days ago, without having moved or sold them from their wallet.<\/p>\n

Related Reading: Bitcoin NVT Golden Cross Still In \u201cOverbought\u201d Region, Volatility To Follow?<\/a><\/p>\n

“Short-term holders<\/a>” (STHs) make up the other side of the market. Statistically, the longer investors hold their coins, the less probable they become to sell at any point. Therefore, LTHs are the more resolute group of the two and are sometimes dubbed the “diamond hands” of the market.<\/p>\n

The “LTH supply” is an indicator that measures the total amount of BTC that these HODLers as a whole are currently carrying in their wallets. Here is a chart that shows the trend in this metric over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of this metric has seen an increase in recent days | Source: Glassnode's The Week Onchain - Week 50, 2022<\/a><\/pre>\n
As the above graph shows, the Bitcoin LTHs displayed a strong accumulation trend between July and early November, causing their supply to reach a new height. However, the crash due to the collapse of the crypto exchange FTX<\/a> completely reversed the trend as these holders quickly started shedding off their holdings instead.<\/p>\n
This decline in the indicator suggests that the crash made even these resolute holders panic and sell off their coins. But in the last few weeks, tides have once again seemed to have shifted. As the market has traded sideways, the LTH supply has observed a constant rise, implying that these investors are back at accumulating.<\/p>\n
The metric has now fully retraced the drawdown due to the FTX debacle and has set a new all-time high of 13.9 million BTC, corresponding to about 72.3% of the total circulating supply.<\/p>\n
Related Reading:  Bitcoin Bottom Or More Pain? Here\u2019s What BitMEX Founder Arthur Hayes Thinks<\/a><\/div>\n
The 155-day threshold would put the source of this new streak of accumulation back in June and July of this year, which is when the deleveraging event due to the 3AC collapse took place.<\/p>\n
This new rise in the LTH supply means the conviction is returning among these Bitcoin HODLers, something that has historically been bullish for the price in the long term.<\/p>\n
\"Bitcoin<\/p>\n
BTC seems to have bounced back from yesterday's fall | Source: BTCUSD on TradingView<\/a><\/pre>\n
At the time of writing, Bitcoin’s price is trading around $17.2k, up 1% in the last week.<\/p>\n","protected":false},"excerpt":{"rendered":"
Data shows the Bitcoin long-term holder supply has climbed back up and set a new all-time high, suggesting that conviction may be returning in the market. Bitcoin Long-Term Holder Supply Recovers From FTX Panic Selling According to the latest weekly report from Glassnode, BTC long-term holders now hold around 72.3% of the total circulating supply. The “long-term holder” (LTH) group is one of the two major cohorts in the Bitcoin market and includes all investors who have been holding onto their coins for at least 155 days ago, without having moved or sold them from their wallet. Related Reading: Bitcoin NVT Golden Cross Still In \u201cOverbought\u201d Region, Volatility To Follow? “Short-term holders” (STHs) make up the other side of the market. Statistically, the longer investors hold their coins, the less probable they become to sell at any point. Therefore, LTHs are the more resolute group of the two and are sometimes dubbed the “diamond hands” of the market. The “LTH supply” is an indicator that measures the total amount of BTC that these HODLers as a whole are currently carrying in their wallets. Here is a chart that shows the trend in this metric over the last few years: Looks like the value of this metric has seen an increase in recent days | Source: Glassnode’s The Week Onchain – Week 50, 2022 As the above graph shows, the Bitcoin LTHs displayed a strong accumulation trend between July and early November, causing their supply to reach a new height. However, the crash due to the collapse of the crypto exchange FTX completely reversed the trend as these holders quickly started shedding off their holdings instead. This decline in the indicator suggests that the crash made even these resolute holders panic and sell off their coins. But in the last few weeks, tides have once again seemed to have shifted. As the market has traded sideways, the LTH supply has observed a constant rise, implying that these investors are back at accumulating. The metric has now fully retraced the drawdown due to the FTX debacle and has set a new all-time high of 13.9 million BTC, corresponding to about 72.3% of the total circulating supply. Related Reading: Bitcoin Bottom Or More Pain? Here\u2019s What BitMEX Founder Arthur Hayes Thinks The 155-day threshold would put the source of this new streak of accumulation back in June and July of this year, which is when the deleveraging event due to the 3AC collapse took place. This new rise in the LTH supply means the conviction is returning among these Bitcoin HODLers, something that has historically been bullish for the price in the long term. BTC seems to have bounced back from yesterday’s fall | Source: BTCUSD on TradingView At the time of writing, Bitcoin’s price is trading around $17.2k, up 1% in the last week.<\/p>\n","protected":false},"author":542,"featured_media":512221,"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":[428,84297,87364,86770,84666,1119,1144],"class_list":["post-512206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-ath","tag-bitcoin-conviction","tag-bitcoin-long-term-holder-supply","tag-bitcoin-long-term-holders","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Long-Term Holder Supply Reclaims ATH, Return Of Conviction?<\/title>\n<meta name=\"description\" content=\"Data shows the Bitcoin long-term holder supply has climbed back up and set a new 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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 Holder Supply Reclaims ATH, Return Of Conviction?","url":"http:\/\/wncen.com\/news\/bitcoin-long-term-supply-regains-ath-conviction\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-long-term-supply-regains-ath-conviction\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash-scaled.jpg?fit=2560%2C1710"},"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 ath","bitcoin conviction","bitcoin long-term holder supply","bitcoin long-term holders","btc","btcusd"],"dateCreated":"2022-12-13T07:00:53Z","datePublished":"2022-12-13T07:00:53Z","dateModified":"2024-06-11T14:31:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Long-Term Holder Supply Reclaims ATH, Return Of Conviction?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-long-term-supply-regains-ath-conviction\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-long-term-supply-regains-ath-conviction\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash-scaled.jpg?fit=2560%2C1710\"},\"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 ath\",\"bitcoin conviction\",\"bitcoin long-term holder supply\",\"bitcoin long-term holders\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-12-13T07:00:53Z\",\"datePublished\":\"2022-12-13T07:00:53Z\",\"dateModified\":\"2024-06-11T14:31:54Z\"}<\/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\/2022\/12\/andre-francois-mckenzie-JrjhtBJ-pGU-unsplash-scaled.jpg?fit=2560%2C1710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512206"}],"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=512206"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/512221"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=512206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=512206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=512206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}