While Bitcoin continues to consolidate at $ 29,000, a new Bitcoin report came from Glassnode.
Glassnode's chain analyst Checkmate said that the number of Bitcoins held by long-term Bitcoin holders has reached an all-time high.
Citing Glassnode data, the analyst stated that long-term Bitcoin investors (addresses that have held Bitcoin for at least 155 days) currently hold 14.59 million BTC.
The analyst also said that over the past seven days, the total balance held in these wallets has increased by 43,949 Bitcoins.
Stating that the long-term held BTC rate has broken a record, Glassnode analyst stated that this rate has reached 75%.
“Long-Term investor supply has reached an all-time high. Long-term Bitcoin investors currently hold 14.59 million BTC. It represents 75% of circulation.”
New All-time-high for #Bitcoin Long-Term Holder supply 🔵, now at 14.59M $BTC (75% of circulating).
A suite of essential Long/Short-Term Holder tools are available for Advanced @glassnode members to track HODLers vs Speculators in this dashboard 👇https://t.co/ZyvUI9zL12 pic.twitter.com/83sLGQbtT5
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) August 7, 2023
These numbers show that investors are choosing to hold on to Bitcoin assets for a long time and have growing faith in its potential to serve as a store of value.
This also shows that the HOLD policy is the preferred market dynamic among mature investors.
The Glassnode analyst also noted that Bitcoin volatility has dropped to historic lows.
“The volatility for Bitcoin has dropped to historic lows.
In the time periods from 1 month to 1 year, this level was the lowest.
Historically, such low volatility coincides with the post-bear market reaccumulation phase.”
Realized volatility for #Bitcoin has collapsed to historical lows.
Across 1-month to 1yr timeframes, this is the quietest we have seen the corn since after March 2020.
Historically, such low volatility aligns with the post-bear-market hangover periods (re-accumulation phase). pic.twitter.com/wilcPgbTSR
— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) August 7, 2023
*Not investment advice.
