Data shows the Bitcoin long-term holder supply has surged up recently to near all-time high values as these “diamond hands” add to their holdings.
Bitcoin Long-Term Holder Supply Jumps Up By 250k BTC After The Recent Low
According to the latest weekly report from Glassnode, the current total balances of the long-term holders is only 30k away from the ATH.
The “long-term holders” (or LTHs in short) is a Bitcoin holder group that includes all those investors who have been holding onto their coins since at least 155 days ago, without having sold or moved them.
Generally, the longer holders keep their BTC still, the less likely they become to sell them. Because of this, LTHs are the less likely investor group to sell at any point.
The opposite cohort is the “short-term holders” (STHs), who have had their coins in their wallets for less than the 155-day mark.
Now, the “LTH supply” is a measure of the total number of coins currently sitting in the wallets of the investors belonging to this group.
When the STH supply matures enough and reaches the threshold, these coins are then naturally included in the LTH supply.
Here is a chart that shows the trend in the Bitcoin LTH supply over the past couple of years:
Looks like the value of the metric has been going up in recent days | Source: Glassnode’s The Week Onchain – Week 36, 2022
As you can see in the above graph, the Bitcoin LTH supply had been on a decline since the ATH and hit a low just a while back.
However, during the last few weeks, the indicator’s value has observed an uplift. Since the low, LTHs have added around 250k BTC onto their holdings.
The report notes that the 155-day threshold puts the minimum acquisition period for these investors to be counted as LTHs to be before the LUNA crash.
Due to this, the report thinks it’s possible the supply of these hodlers will stagnate over the next month, or even until mid-October, where the threshold will have then shifted to the post-selloff period.
BTC Price
At the time of writing, Bitcoin’s price floats around $19.8k, down 1% in the last week. Over the past month, the crypto has lost 14% in value.
The below chart shows the trend in the price of the coin over the last five days.
The value of the crypto seems to have not moved much in the last few days | Source: BTCUSD on TradingView
Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, Glassnode.com
