Data from Glassnode suggests Bitcoin long-term holder capitulation hasn\u2019t reached a scale that would imply a widespread loss of conviction yet.<\/p>\n
According to the latest weekly report from Glassnode<\/a>, the BTC long-term holder supply has observed a notable decrease recently.<\/p>\n The \u201clong-term holders<\/a>\u201d (LTHs) make up a cohort that includes all Bitcoin investors who have been holding onto their coins since at least 155 days ago.<\/p>\n Holders belonging to this group are statistically the least likely to sell at any point, so movements from them can have noticeable implications for the market.<\/p>\n The \u201clong-term holder supply<\/a>\u201d is an indicator that measures the total number of coins currently stored in the wallets of these resolute investors.<\/p>\n Changes in the value of this metric can tell us whether the LTHs are accumulating or selling at the moment.<\/p>\n Now, here is a chart that shows the trend in the Bitcoin LTH supply over the last few years:<\/p>\n\n Looks like the value of the metric has decreased in the last few days | Source: Glassnode’s The Week Onchain – Week 46, 2022<\/a><\/p>\n As you can see in the above graph, the Bitcoin LTH supply had been riding a constant uptrend for many months before last week, and set new all-time highs.<\/p>\n This means that the market had been continuously accumulating the crypto as the bear market went on.<\/p>\n However, since the 6th of November (when the crash triggered by the FTX collapse<\/a> began), the indicator has sharply declined, suggesting that LTHs have participated in some selling.<\/p>\n In total, the decline has amounted to around 61.5k BTC exiting the wallets of the LTHs in this period so far.<\/p>\n The chart also includes the data for the 7-day changes in this Bitcoin indicator, and it seems like the metric has a negative value of 48.1k right now.<\/p>\n This value isn\u2019t negligible, but as is apparent from the graph, this red spike isn\u2019t on the level of the ones observed during the previous selloffs.<\/p>\n The report notes that this could imply there hasn\u2019t been a widespread loss of conviction among Bitcoin\u2019s most resolute holders yet.<\/p>\n Nonetheless, it remains to be seen where the metric goes from here. \u201cShould this develop into a sustained LTH-supply decline however, it may suggest otherwise,\u201d cautions Glassnode.<\/p>\n At the time of writing, Bitcoin\u2019s price<\/a> floats around $16.8k, down 15% in the last week. Over the last month, the crypto has lost 13% in value.<\/p>\n\n The value of the crypto seems to still be trading sideways | Source: BTCUSD on TradingView<\/a> <\/p>\n Data from Glassnode suggests Bitcoin long-term holder capitulation hasn\u2019t reached a scale that would imply a widespread loss of conviction yet.<\/p>\n According to the latest weekly report from Glassnode<\/a>, the BTC long-term holder supply has observed a notable decrease recently.<\/p>\n The \u201clong-term holders<\/a>\u201d (LTHs) make up a cohort that includes all Bitcoin investors who have been holding onto their coins since at least 155 days ago.<\/p>\n Holders belonging to this group are statistically the least likely to sell at any point, so movements from them can have noticeable implications for the market.<\/p>\n The \u201clong-term holder supply<\/a>\u201d is an indicator that measures the total number of coins currently stored in the wallets of these resolute investors.<\/p>\n Changes in the value of this metric can tell us whether the LTHs are accumulating or selling at the moment.<\/p>\n Now, here is a chart that shows the trend in the Bitcoin LTH supply over the last few years:<\/p>\n Looks like the value of the metric has decreased in the last few days | Source: Glassnode’s The Week Onchain – Week 46, 2022<\/a><\/p>\n As you can see in the above graph, the Bitcoin LTH supply had been riding a constant uptrend for many months before last week, and set new all-time highs.<\/p>\n This means that the market had been continuously accumulating the crypto as the bear market went on.<\/p>\n However, since the 6th of November (when the crash triggered by the FTX collapse<\/a> began), the indicator has sharply declined, suggesting that LTHs have participated in some selling.<\/p>\n In total, the decline has amounted to around 61.5k BTC exiting the wallets of the LTHs in this period so far.<\/p>\n The chart also includes the data for the 7-day changes in this Bitcoin indicator, and it seems like the metric has a negative value of 48.1k right now.<\/p>\n This value isn\u2019t negligible, but as is apparent from the graph, this red spike isn\u2019t on the level of the ones observed during the previous selloffs.<\/p>\n The report notes that this could imply there hasn\u2019t been a widespread loss of conviction among Bitcoin\u2019s most resolute holders yet.<\/p>\n Nonetheless, it remains to be seen where the metric goes from here. \u201cShould this develop into a sustained LTH-supply decline however, it may suggest otherwise,\u201d cautions Glassnode.<\/p>\n At the time of writing, Bitcoin\u2019s price<\/a> floats around $16.8k, down 15% in the last week. Over the last month, the crypto has lost 13% in value.<\/p>\nBTC Price<\/h2>\n
\nFeatured image from Daniel Dan on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin Long-Term Holder Supply Has Declined By 61.5k BTC Since 6 Nov<\/h2>\n
BTC Price<\/h2>\n