According to Glassnode’s latest findings, approximately 300,000 BTC has been divested by long-term holders since their supply reached its peak in November 2023, with slightly over half of these transactions reflecting GBTC outflow levels.<\/p>\n\n\n\n
The recent surge in Bitcoin’s price to multi-year highs above $50k has rewarded the patience and conviction of long-term Bitcoin investors. Despite Bitcoin’s price still being 28% below its all-time high, Glassnode reports a rapid decrease in the number of BTC held at a loss, with only 13% falling into this category.<\/p>\n\n\n\n
Glassnode’s data suggests that long-term holders have traded about 148,000 BTC since November last year, signaling a potential change in investor behavior, with profit-taking becoming more prevalent.<\/p>\n\n\n\n
As the market approaches its 2021 highs, Glassnode observes a gradual decrease in the supply of Bitcoin held at levels higher than this. This indicates that a significant majority of investors and their held assets are now in a profitable position, potentially leading to a phase where long-term holders begin to divest some of their holdings.<\/p>\n\n\n\n
Before the approval of spot Bitcoin ETFs in January, Glassnode noticed a notable increase in speculative activity in the market. Consequently, many long-term holders chose to trade their BTC, either to realize profits or adjust their portfolios to include the new ETF offerings.<\/p>\n\n\n\n
Overall, the balance of supply held by this group of Bitcoin holders has decreased by approximately 299.5k BTC since its peak in November 2023, totaling 14.996 million BTC.<\/p>\n\n\n\n
However, it’s crucial to consider the activity of the GBTC product, which saw an inflow of over 661k BTC throughout 2021, categorizing its held supply under ‘long-term holder’ status.<\/p>\n\n\n\n
With approximately 151.5k BTC worth of outflows from GBTC, the remaining 148k BTC worth of supply attributed to long-term holders indicates a trend of distribution among this group as the market approaches its all-time high price.<\/p>\n\n\n\n
Despite recent profit-taking events leading to Bitcoin’s correction this week, investors remain optimistic about its trajectory.<\/p>\n\n\n\n
MicroStrategy co-founder and Bitcoin advocate Michael Saylor mentioned in a CNBC interview that the recent introduction of spot BTC ETFs is boosting the premier crypto’s price.<\/p>\n\n\n\n
He attributes this to a significant disparity in the supply of Bitcoin and the considerable demand accumulated over nearly a decade for a dedicated product accessible to retail investors. Saylor even contends that the demand for Bitcoin entering these ETFs surpasses the supply from natural sellers, primarily miners, by tenfold.<\/p>","protected":false},"excerpt":{"rendered":"
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