{"id":599223,"date":"2024-03-23T00:30:29","date_gmt":"2024-03-23T00:30:29","guid":{"rendered":"https:\/\/wncen.com\/?p=599223"},"modified":"2024-06-11T07:11:11","modified_gmt":"2024-06-11T07:11:11","slug":"bitcoin-long-term-holders-price-top-glassnode","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-long-term-holders-price-top-glassnode\/","title":{"rendered":"Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern"},"content":{"rendered":"

The on-chain analytics firm Glassnode has explained that Bitcoin tends to reach a potential top when the long-term holders show this pattern.<\/p>\n

Bitcoin Long-Term Holders Have Been Ramping Up Distribution<\/h2>\n

In a new report, Glassnode<\/a> discussed the influence that the BTC long-term holders have on the cryptocurrency’s supply dynamics. The “long-term holders” (LTHs) here refer to the Bitcoin investors who have been holding onto their coins for more than 155 days.<\/p>\n

The LTHs comprise one of the two main divisions of the BTC user base based on holding time, with the other cohort known as the “short-term holders” (STHs).<\/p>\n

Related Reading: Bitcoin Cash (BCH) Surges 15% As Coinbase Plans Futures Listing<\/a><\/div>\n

Historically, the LTHs have proven themselves to be the persistent hands of the market. They don’t quickly sell their coins regardless of what is happening in the broader sector. The STHs, on the other hand, often react to FUD and FOMO events.<\/p>\n

As such, it’s not unusual to see the STHs participating in selling. However, the LTHs showing sustained distribution can be something to note, as selling from these HODLers, who usually sit tight, may have implications for the market.<\/p>\n

There are many different ways of tracking the behavior of the LTHs, but in the context of the current discussion, Glassnode has used the “LTH Market Inflation Rate” metric.<\/p>\n

As the report explains:<\/p>\n

It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance. This rate helps identify periods of net accumulation, where LTHs are effectively removing Bitcoin from the market, and periods of net distribution, where LTHs add to the market’s sell-side pressure.<\/p><\/blockquote>\n

Now, here is a chart that shows the trend in the BTC LTH Market Inflation Rate over the past several years:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been on the rise in recent days | Source: Glassnode<\/a><\/pre>\n
In the chart, the analytics firm has also attached the data for the asset’s Inflation Rate, which is basically the amount that the miners are introducing into the circulating supply by solving blocks and receiving rewards<\/a> for them.<\/p>\n
When the LTH Market Inflation Rate equals 0%, these HODLers are accumulating amounts exactly equal to what the miners are issuing.<\/p>\n
This implies that the indicator below the 0% mark suggests the LTHs are pulling coins out of the supply, while it being above is a sign that they are either distributing or just not buying enough to absorb what the miners are producing.<\/p>\n
The graph shows that historically, the cryptocurrency’s price has tended to reach a state of equilibrium and potentially even a top when the LTH distribution has peaked.<\/p>\n
Related Reading: Bitcoin Traders Capitulate: Here\u2019s What Happened Last 2 Times<\/a><\/div>\n
The LTH Market Inflation Rate has been increasing recently, but it’s yet to reach any significant levels. As for what this could mean for the market, Glassnode says:<\/p>\n
Currently, the trend in the LTH market inflation rate indicates we are in an early phase of a distribution cycle, with about 30% completed. This suggests significant activity ahead within the current cycle until we achieve a market equilibrium point from the supply and demand perspective and potential price tops.<\/p><\/blockquote>\n
BTC Price<\/h2>\n
Bitcoin has retraced most of its recovery from the past few days, as its price has now declined to $63,800.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has witnessed a drawdown again | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The on-chain analytics firm Glassnode has explained that Bitcoin tends to reach a potential top when the long-term holders show this pattern. Bitcoin Long-Term Holders Have Been Ramping Up Distribution In a new report, Glassnode discussed the influence that the BTC long-term holders have on the cryptocurrency’s supply dynamics. The “long-term holders” (LTHs) here refer to the Bitcoin investors who have been holding onto their coins for more than 155 days. The LTHs comprise one of the two main divisions of the BTC user base based on holding time, with the other cohort known as the “short-term holders” (STHs). Related Reading: Bitcoin Cash (BCH) Surges 15% As Coinbase Plans Futures Listing Historically, the LTHs have proven themselves to be the persistent hands of the market. They don’t quickly sell their coins regardless of what is happening in the broader sector. The STHs, on the other hand, often react to FUD and FOMO events. As such, it’s not unusual to see the STHs participating in selling. However, the LTHs showing sustained distribution can be something to note, as selling from these HODLers, who usually sit tight, may have implications for the market. There are many different ways of tracking the behavior of the LTHs, but in the context of the current discussion, Glassnode has used the “LTH Market Inflation Rate” metric. As the report explains: It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance. This rate helps identify periods of net accumulation, where LTHs are effectively removing Bitcoin from the market, and periods of net distribution, where LTHs add to the market’s sell-side pressure. Now, here is a chart that shows the trend in the BTC LTH Market Inflation Rate over the past several years: The value of the metric seems to have been on the rise in recent days | Source: Glassnode In the chart, the analytics firm has also attached the data for the asset’s Inflation Rate, which is basically the amount that the miners are introducing into the circulating supply by solving blocks and receiving rewards for them. When the LTH Market Inflation Rate equals 0%, these HODLers are accumulating amounts exactly equal to what the miners are issuing. This implies that the indicator below the 0% mark suggests the LTHs are pulling coins out of the supply, while it being above is a sign that they are either distributing or just not buying enough to absorb what the miners are producing. The graph shows that historically, the cryptocurrency’s price has tended to reach a state of equilibrium and potentially even a top when the LTH distribution has peaked. Related Reading: Bitcoin Traders Capitulate: Here\u2019s What Happened Last 2 Times The LTH Market Inflation Rate has been increasing recently, but it’s yet to reach any significant levels. As for what this could mean for the market, Glassnode says: Currently, the trend in the LTH market inflation rate indicates we are in an early phase of a distribution cycle, with about 30% completed. This suggests significant activity ahead within the current cycle until we achieve a market equilibrium point from the supply and demand perspective and potential price tops. BTC Price Bitcoin has retraced most of its recovery from the past few days, as its price has now declined to $63,800. Looks like the price of the asset has witnessed a drawdown again | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":599257,"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":[428,83979,84666,679,6481,84738,1119,1144,61309],"class_list":["post-599223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-distribution","tag-bitcoin-long-term-holders","tag-bitcoin-price","tag-bitcoin-rally","tag-bitcoin-top","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nBitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern<\/title>\n<meta name=\"description\" content=\"The on-chain analytics firm Glassnode has 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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 & Price Top: Glassnode Reveals Pattern","url":"http:\/\/wncen.com\/news\/bitcoin-long-term-holders-price-top-glassnode\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-long-term-holders-price-top-glassnode\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/kanchanara-4KJJezDyo3M-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/kanchanara-4KJJezDyo3M-unsplash.jpg?fit=6000%2C4000"},"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 distribution","bitcoin long-term holders","bitcoin price","bitcoin rally","bitcoin top","btc","btcusd","glassnode"],"dateCreated":"2024-03-23T00:30:29Z","datePublished":"2024-03-23T00:30:29Z","dateModified":"2024-06-11T07:11:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-long-term-holders-price-top-glassnode\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-long-term-holders-price-top-glassnode\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/kanchanara-4KJJezDyo3M-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/kanchanara-4KJJezDyo3M-unsplash.jpg?fit=6000%2C4000\"},\"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 distribution\",\"bitcoin long-term holders\",\"bitcoin price\",\"bitcoin rally\",\"bitcoin top\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2024-03-23T00:30:29Z\",\"datePublished\":\"2024-03-23T00:30:29Z\",\"dateModified\":\"2024-06-11T07:11:11Z\"}<\/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\/2024\/03\/kanchanara-4KJJezDyo3M-unsplash.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/599223"}],"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=599223"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/599223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/599257"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=599223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=599223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=599223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}