{"id":351575,"date":"2021-10-12T07:09:14","date_gmt":"2021-10-12T04:09:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/long-term-bitcoin-bulls-hodl-strong-despite-five-month-price-high\/"},"modified":"2021-10-12T07:09:14","modified_gmt":"2021-10-12T04:09:14","slug":"long-term-bitcoin-bulls-hodl-strong-despite-five-month-price-high","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/long-term-bitcoin-bulls-hodl-strong-despite-five-month-price-high\/","title":{"rendered":"# Long-term Bitcoin bulls hodl strong despite five-month price high"},"content":{"rendered":"

“# Long-term Bitcoin bulls hodl strong despite five-month price high <\/strong>”
\n<\/p>\n

On-chain analytics provider glassnode reports that long-term Bitcoin holders are refusing to sell despite the BTC markets rallying to a five-month price high.<\/p>\n

In its Oct. 11 \u201cWeek on Chain<\/em>\u201d report<\/a>, Glassnode noted that \u201clong-term holders\u201d \u2014 BTC wallets that have not seen outflows for more than 155 days \u2014 are currently sitting on nearly 13.3 million BTC or 70% of Bitcoin\u2019s supply. <\/p>\n

The report notes that long-term holders have increased their collective stash by more than 2.37 million BTC (roughly $134 billion at current prices) over the past seven months. With only 186,000 BTC being newly minted by miners during the same period, Glassnode concludes that long-term whales are accumulating 12.7 times more BTC than is created as new supply.<\/p>\n

Despite long-term holders refusing to sell, Glassnode noted an uptick in on-chain activity as Bitcoin\u2019s price pushed up to a local high of $57,860 on Oct. 12. <\/p>\n

October has seen the number of active addresses on-chain increase 19% to 291,000 \u2014 levels not seen since the lead up to December 2020\u2019s meteoric bull-trend. Glassnode suggested the spike in activity could foreshadow further bullish momentum, stating:<\/p>\n

\u201cMore active market participants have historically correlated with growing interest in the asset during early stage bull markets.\u201d<\/p><\/blockquote>\n

The report also noted an increase in media<\/a>n transaction size to roughly 1.3 BTC per transfer, suggesting an increase in institutional-sized capital flows on-chain. During August, the median transaction size fell as low as 0.6 BTC per transfer. <\/p>\n

Last week, the Bitcoin network registered its highest ever daily value settlement of $31 billion.<\/p>\n

Related:<\/em><\/strong> <\/em><\/strong>Bitcoin outflows from centralized exchanges surge to 100K BTC monthly<\/em><\/strong><\/p>\n

On Oct. 12, Glassnode reported that Bitcoin balances on centralized exchanges had fallen to a three-year low of 2.4 million BTC, further evidencing many investors are choosing to hodl for higher prices.<\/p>\n

Industry observers have suggested that whales could be front-running the BTCmarkets in anticipation of a Bitcoin ETF app<\/a>roval this month.<\/p>\n