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.
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