Long-term Holders Accumulate Almost 14.5M Bitcoin Despite Bear Market
According to Glassnode data, long-term holders (LTHs) currently possess nearly 14.5M BTC, showcasing their continuous accumulation over the past year and a half. This trend is not limited to retail investors, as institutional investors are also demonstrating an increasing interest in holding the primary cryptocurrency for the long term.
Key Points:
– LTHs have been steadily accumulating BTC despite the prolonged bear market.
– Institutional investors, including hedge funds, pension funds, commercial banks, and insurance companies, are also showing a growing appetite for long-term Bitcoin holdings.
– BTC investors have made significant purchases between April and early July 2023, resulting in a positive second consecutive quarter.
– LTHs have continued to accumulate BTC even during market turbulence, such as the FTX meltdown in November.
– Other market participants, including small holders (“shrimps”) and those with no more than 10 BTC (“crabs”), have also bought substantial amounts of Bitcoin after the collapse of a prominent cryptocurrency exchange.
Closing Thoughts:
Long-term holders have amassed an impressive 1.01M BTC over the past 602 days, reaching a total of 14.47M BTC. This represents approximately 75% of the circulating supply and is just 20K BTC shy of the all-time high. It’s worth noting that LTHs were even more aggressive during the 2021 bull run, accumulating over 2.4M BTC at higher valuations. This data indicates a strong belief in Bitcoin’s long-term potential and resilience.
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