Three-quarters of circulating BTC last changed hands for less than $10,800
A study by blockchain analytics provider Glassnode found that about three-quarters of bitcoin circulations last moved on the blockchain when prices were below $10,800, suggesting that most market participants are long-term holders.
The Glassnode Week report on the Channel of 29. According to March, 25.43% of BTC subscriptions last traded at prices between $10,800 and $58,800. With bitcoin still listing at $10,800 six months ago, the data suggests that the last time BTC changed hands was in the second quarter of 2020 or the first quarter of 2021.
The report shows that the number of long-term followers of bitcoin continues to grow. Many coins that have been inactive since the beginning of the current market cycle are now classified by Glassnode as long-term holdings or LTH – coins that have not moved on the chain for at least 155 days.
As a result, the number of coins classified as illiquid offerings increased significantly in 2021. The change in the supply of illiquid coins shows that the 30-day supply changes from a liquid or easily tradable state to an illiquid state, which represents coins with a HODL.
The report notes that the accumulation rate in more than 130 thousand. BTC per month, which has been consistently sustained throughout this bull market.
The number of days that Glassnode tokens, or CDDs, fail to work also points to growing nervousness among long-term investors. CDD suggests that experienced investors are returning to returns similar to those of 2020, after profits jumped between November and January.
The take-home message is that investors and traders continue to buy BTC during this bull market, Glassnode said.
Custom Entity CD : Glassnode
The bitcoin metric Hodlwave, which visually breaks down the supply of bitcoins based on when coins were last moved in the chain, shows an increase in both long-term Hodlwave and short-term circulation under current market conditions.
According to Hodlwaves of Unchained Capital, two-thirds of bitcoin stock has changed hands in six months, with about half of that change occurring in January or February. Approximately 5% of BTC shipments have been active in the last seven days.
Hodleways: Honesty unleashed
At the time of writing, bitcoin was trading at $57,500, up 4 percent in the past 24 hours, according to CoinGecko.
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