Research by on-chain analytics provider Glassnode found that about three-quarters of the circulating bitcoins last moved on the blockchain at a price of less than $10,800, indicating that most market participants are long-term holders.
Glassnode’s “Weekly On-Chain” report on March 29 found that 25.43% of bitcoins in circulation were last traded at between $10,800 and $58,800. Six months ago, the transaction price of Bitcoin was only $10,800. According to data, a quarter of Bitcoins last changed hands in the second quarter of 2020 or the first quarter of 2021.
The report points out that the number of long-term Bitcoin bulls continues to increase. Many Bitcoins have been dormant since the early days of the current market cycle and are now classified as “Long Term Hold (LTH)” by Glassnode-these Bitcoins are at least 155 days old. Never moved on the chain.
As a result, in 2021, the number of bitcoins classified as “non-current supply” has surged. The “non-current supply change” indicator shows that the 30-day supply change is changing from a liquid or ready-to-trade state to a non-current state of holding Bitcoin.
The report pointed out that throughout the bull market, the accumulation rate of more than 130,000 bitcoins per month has remained unchanged.
Glassnode’s “Coin Days Destroyed (CDD)” indicator also shows that long-term investors are increasing their holdings. CDD shows that experienced investors, after the profit settlement from November to January, have once again realized gains equivalent to 2020.
Glassnode stated: “Investors and traders have continued to buy Bitcoin throughout the bull market.
Adjusted CDD: Glassnode
Bitcoin’s “Hodlwave” indicator shows that under current market conditions, both long-term holdings and short-term circulation have surged. This indicator visually breaks down the supply of Bitcoin based on the time when Bitcoin last moved on the chain.
According to Unchained Capital’s Hodlwaves, two-thirds of Bitcoin’s supply changed hands in the past six months, and about half of them occurred in January or February. In the past 7 days, about 5% of the Bitcoin supply has been active.
Hodlwaves:
According to CoinGecko’s data, at the time of writing, Bitcoin’s trading price has risen by about 4% in the past 24 hours, reaching about $58,000.
