Staunch Bitcoiners Control Record Amount of Bitcoin
A new report from Glassnode reveals that long-term holders of Bitcoin now own more of the cryptocurrency than ever before. The data shows that long-term holders control 14.599 million BTC, which represents 75% of the circulating supply. This is the highest reading ever recorded for this metric.
Key Points:
- Long-term holders now control 75% of the circulating BTC supply.
- 14.599 million BTC is held by long-term holders, the highest ever recorded.
- In the past seven days, long-term holders have gained an additional 43,949 BTC.
- Long-term holders are less likely to sell their coins, even in the event of price drops.
- Bitcoin’s volatility has reached multi-year lows.
Bitcoin’s Volatility Hits Multi-Year Lows
While long-term holders of Bitcoin are accumulating more of the cryptocurrency, Bitcoin’s volatility has dropped to levels not seen since December 2016. Glassnode’s report highlights that the 1-year volatility is at its lowest point in years, and the 30-day price range is within a narrow band. This level of consolidation and price compression is rare for Bitcoin.
Hot Take:
As Bitcoin’s long-term holders continue to accumulate more of the cryptocurrency, the decrease in volatility suggests a period of stability. This aligns with previous post-bear-market periods, where volatility tends to decline. It remains to be seen whether this low volatility is a sign of mispriced options or a new era of stability for Bitcoin.
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