While the leading cryptocurrency Bitcoin continues to be affected by the tension between Israel and Hamas, the BTC price dropped below $ 27,000 today.
While BTC is trying to recover by rising above $ 27,000 again, Glassnode said that long-term Bitcoin investors continue to accumulate.
Stating that long-term investors continue to purchase Bitcoin rapidly, Glassnode said that the total number of BTC held by long-term investors reached an all-time high of 14.859 million BTC, and this figure corresponds to 76% of Bitcoin's circulating supply.
In addition, Glassnode stated that long-term investors, that is, wallets that hold Bitcoin for at least 155 days, accumulate 50,000 BTC ($1.35 billion) per month.
Glassnode included the following statements in its last weekly report:
“Over 50,000 BTC per month is currently held by HODLers.
This figure shows both the tightening of supply and the widespread reluctance of investors to transact.
At this point, the supply-side pressure in the market remains relatively weak, indicating that there is a potential for an exaggerated price increase.
In addition, the Illiquid Supply volume is also increasing and moving in the opposite direction of the total Foreign Exchange Balances.
“This difference is evidence that cryptocurrencies continue to be withdrawn from exchanges, moved into wallets held by Bitcoin HODLers, and often transition to Long-Term Investor status.”
*This is not investment advice.
