{"id":371009,"date":"2021-11-23T06:32:04","date_gmt":"2021-11-23T03:32:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/long-term-bitcoin-holders-at-multi-year-high-glassnode\/"},"modified":"2021-11-23T06:32:04","modified_gmt":"2021-11-23T03:32:04","slug":"long-term-bitcoin-holders-at-multi-year-high-glassnode","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/long-term-bitcoin-holders-at-multi-year-high-glassnode\/","title":{"rendered":"# Long-term Bitcoin holders at multi-year high: Glassnode"},"content":{"rendered":"

“# Long-term Bitcoin holders at multi-year high: Glassnode <\/strong>”<\/p>\n

Glassnode\u2019s latest weekly on-chain report indicated that long-term holders of Bitcoin (BTC) are at a multi-year high and markets are not yet saturated with profit-taking. <\/p>\n

These long-term holders (LTH) app<\/a>ear to be reducing their spending while continuing to add to their positions, according to the Nov. 22 report<\/a> by analytics provider Glassnode. <\/p>\n

The analysis delved into Spent Volume Age Bands (SVAB), which are used to identify the age of coins dominating the on-chain flows on any given day. The metric can be used to identify when the process of profit-taking or accumulation begins, according to Glassnode.<\/p>\n

Consistent spending of coins older than one month began in November 2020 and ended between April and May in 2021. The SVAB metric has now fallen back to 2.5% of the daily volume since concurrently spiking with the BTC all-time high in October. Glassnode noted:<\/p>\n

\u201cThis can reasonably be interpreted as longer term holders reducing their spending, and thus are more likely to be adding to positions, not exiting them.\u201d<\/p><\/blockquote>\n

Source: Glassnode<\/a><\/em><\/figcaption><\/figure>\n

Glassnode also indicated that the total supply held by short-term hodlers (STH) is at a multi-year low, at less than 3 million BTC \u2013 which in turn means that the amount held by LTHs is at a multi-year high.<\/p>\n

The report stated that \u201cseeing STH supply this low whilst price is near ATHs is a relatively unique case.\u201d<\/p>\n

Although short-term holders have taken profits at \u201chistoric\u201d high points and broken even at low points over the past week, the market is still yet to become \u201coverly saturated with profit-taking.\u201d <\/p>\n

The findings indicate that there is little sign of a major capitulation just yet and the bulls may have further to run before this cycle comes to an end.\u00a0\u00a0<\/p>\n

Related: <\/em><\/strong>Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K<\/em><\/strong><\/p>\n

On Oct 12, Cointelegraph reported that long term holders were sitting on 13.3 million BTC which was worth $754 billion at the time, despite not seeing any outflows for more than five months.<\/p>\n

On Nov. 22, Chinese journalist Colin Wu tweeted<\/a> in response to the report that the number of non-zero addresses has also hit an all-time high. This suggests that adoption and accumulation is still occurring despite the asset\u2019s 18% decline from its mid-October peak price of $69K. <\/p>\n

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According to Glassnode, even if the Bitcoin price has retraced more than 10% from the high point recently, the number of non-zero addresses on the network is still rising slowly, hitting a new all-time high, breaking through 38.65 million. pic.twitter.com\/qvN3c6Dt1O<\/a><\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) November 22, 2021<\/a><\/p><\/blockquote>\n