Bitcoin’s Long-Term Holders on the Rise
According to Glassnode’s latest weekly on-chain report, Bitcoin long-term holders are basking in the glow of multi-year highs. It seems like these hodlers are in it for the long haul, possibly sipping smoothies and refusing to disrupt their peace with the commotion of profit-taking.
The Spending Habits of Long-Term Holders
Interestingly, these long-term holders have been tightening their belts, reducing spending while simultaneously adding to their Bitcoin stash. What does that mean? It’s like they’re hoarding candy bars while the rest of us are out there, chaotically snacking.
What’s Up with the Spent Volume Age Bands?
The report dives into the Spent Volume Age Bands (SVAB) metric, which tracks the age of coins that dominate daily on-chain flows. Think of it as a magical age meter that tells when profit-taking or accumulation begins. In a fascinating twist, the consistent spending of coins older than one month, which started in November 2020, has now plummeted, falling back to just 2.5% of daily volume. Glassnode states,
“This can reasonably be interpreted as longer-term holders reducing their spending, and thus are more likely to be adding to positions, not exiting them.”
Short-Term Holders Take a Backseat
Not to be left out, short-term holders (STH) are currently gripping onto less than 3 million BTC, setting a multi-year low. Now, that’s a serious case of FOMO—fear of missing out! Glassnode observes that the low STH supply juxtaposed with Bitcoin’s price residing near all-time highs is indeed a unique situation.
Market Still Not Over Saturated?
Even as short-term holders mark historic profit-taking points, it’s interesting to note that the market isn’t overly soaked in profit-taking frenzy yet. The report suggests that the bulls might just have their running shoes on, gearing up for another sprint before this market cycle bows out. It’s akin to watching a horse race where the finish line is still far off, and the crowd is anxiously cheering!
The Growing Adoption of Bitcoin
On a related note, Colin Wu, a Chinese journalist, tweeted about another fascinating trend: the number of non-zero Bitcoin addresses has also hit record levels. As Bitcoin’s price takes a breather after a high-octane October surge reaching $69,000, it seems that adoption continues unabated.
“Even if the Bitcoin price has retraced more than 10% from the high point recently, the number of non-zero addresses on the network is still rising, hitting an all-time high of over 38.65 million,”
reports Glassnode.
+ There are no comments
Add yours