Long-term bitcoin (BTC) holders, or addresses that hold coins for at least 155 days, now control a record three-fourths of the cryptocurrency’s circulating supply.
-
Data tracked by blockchain analytics firm Glassnode show the balance held in these wallets has increased by 62,882 BTC ($1.83 billion) to a record 14.52 million BTC this month, surpassing the previous peak of 14.48 million BTC registered on May 21.
-
The new high means holders own 75% of the circulating supply of 19.437 million BTC.
-
Circulating supply refers to the total number of coins that are actively available for trade in the market.
-
“This suggests HODLing is the preferred market dynamic amongst mature investors,” Glassnode tweeted.
-
The rate of flow into wallets controlled by illiquid entities, or network participants with little-to-no spending history, also remains strong, suggesting continued accumulation and weakening of sell-side pressures in the market. The number of coins held by these illiquid entities has surged by over 90,000 BTC this month.
Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy.
Source
#Bitcoin #LongTerm #Holders #Control #Circulating #Supply #Glassnode
