Injection of New Capital Supporting Bitcoin As Long-Term Holders Distribute to Newcomers, According to Glassnode

Injection of New Capital Supporting Bitcoin As Long-Term Holders Distribute to Newcomers, According to Glassnode

Longer-term Bitcoin (BTC) holders have begun trading their coins off to new investors entering the market, according to on-chain analytics firm Glassnode.

In a new report, Glassnode says that Bitcoins recent move into price discovery above new all-time highs has enticed holders who were far in profit to distribute to a newer investor cohort.

The firm uses the Realized Cap metric, which records the price at which each coin moved and aims to gauge how many holders are in profit or at a loss, is currently at an all-time high, according to Glassnode.

Glassnode says that 44% of all BTC in circulation are now being held by newer addresses that have been holding for less than 3 months. Based on the firms data, the crossing above the 44% level has historically coincided with mid-stage bull markets.

At time of writing, BTC is trading for $65,004, 18% from its all-time high.