Record highs in Bitcoin’s long-term holder supply signal market confidence
Bitcoins long-term holders are addresses that have held onto their Bitcoin for over 155 days. And while 155 days might not sound like a lot of time in the context of Bitcoin, addresses that have held onto their assets for longer than that have a statistically lower chance of selling their BTC. Therefore, the actions and decisions of this particular entity can significantly influence the crypto market and Bitcoin‘s price trajectory. Historically, long-term holders have shown resilience during Bitcoin’s price fluctuations, often holding onto their assets during downturns and selling during peaks. Recently, Bitcoin‘s price has shown a relatively flat trading pattern, hovering around the $26,200 mark after reclaiming its $26,000 support just last week. This stabilization comes on the heels of a tumultuous month, where Bitcoin’s price plummeted to lows of $25,000, a stark contrast to the preceding months of sideways movement between $29,000 and $30,000. Graph showing Bitcoins price from June 2023 to September 2023 (Source: CryptoSlate BTC) Despite the price volatility, the Bitcoin supply held by long-term holders has surged to an all-time high. Graph showing the total supply held by long-term holders from 2010 to 2023 (Source: Glassnode) The long-term holder supply now stands at 14.83 million BTC. Since the beginning of