Bitcoin Long-Term Holders Spent $295 Million Worth of BTC Recently
On-chain data from Glassnode reveals that Bitcoin long-term holders (LTHs) have been actively spending their coins, with $295 million worth of BTC transferred in recent days. The movement of the “revived supply last active 1+ years” indicator suggests that experienced investors are participating in some selling. This spike in activity coincides with the cryptocurrency’s price rally above $30,000, indicating that these LTHs may be taking advantage of profit-taking opportunities. However, the current spike in selling is still significantly lower compared to the surges seen during the 2021 bull market. It remains to be seen how this selling activity will impact the current rally.
Key Points:
- Bitcoin long-term holders have spent $295 million worth of BTC recently.
- The “revived supply last active 1+ years” indicator reflects the movement of experienced investors’ coins.
- The current spike in selling is lower than the surges seen during the 2021 bull market.
- The selling activity may be driven by profit-taking opportunities during the price rally above $30,000.
- It is uncertain how this selling will affect the ongoing Bitcoin rally.
Hot Take:
The recent spike in spending from Bitcoin long-term holders is an interesting development. While it suggests that experienced investors are taking advantage of the current price rally, the level of selling activity is still lower compared to the surges seen during the 2021 bull market. This indicates that the rally may not yet feel the full impact of this selling. It will be crucial to monitor how these LTHs’ actions influence the overall market dynamics and whether it will impact the ongoing Bitcoin price surge.
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