There was a sudden drop as Bitcoin struggled to get $30,000. With this decrease, BTC saw below $ 29,000.
While the reason for the decrease is not yet known, a new BTC report came from Glassnode.
Glassnode noted that long-term Bitcoin holders (addresses that have held Bitcoin for at least 155 days) now control three-quarters of the circulating supply of BTC.
Stating that the long-term held BTC rate has broken a record, Glassnode stated that this rate has reached 75%.
According to Glassnode data, the BTC balance in these wallets has increased by 62,882 Bitcoin ($1.83 billion) this month to 14.52 million Bitcoins, surpassing the previous peak of 14.48 million Bitcoins seen on May 21.
Glassnode shared the following statements in its post:
“The number of Bitcoins held by long-term holders of Bitcoin has reached a new ATH of 14.52M BTC, equivalent to 75% of the circulating supply.
This shows that the HOLD policy is the preferred market dynamic among mature investors.”
The #Bitcoin Long-Term Holder Supply has reached a new ATH of 14.52M BTC, equivalent to 75% of the circulating supply.
This suggests HODLing is the preferred market dynamic amongst mature investors. pic.twitter.com/rfPmHM9hh2
— glassnode (@glassnode) July 24, 2023
*Not investment advice.
