Bitcoin Long-Term Holder Supply Has Declined By 61.5k BTC Since 6 Nov
According to the latest weekly report from , the BTC long-term holder supply has observed a notable decrease recently.The “long-term holders” (LTHs) make up a cohort that includes all Bitcoin investors who have been holding onto their coins since at least 155 days ago.
The “long-term holder supply” is an indicator that measures the total number of coins currently stored in the wallets of these resolute investors.
Changes in the value of this metric can tell us whether the LTHs are accumulating or selling at the moment.Looks like the value of the metric has decreased in the last few days | Source:As you can see in the above graph, the Bitcoin LTH supply had been riding a constant uptrend for many months before last week, and set new all-time highs.
However, since the 6th of November (when the crash triggered by the FTX collapse began), the indicator has sharply declined, suggesting that LTHs have participated in some selling.
In total, the decline has amounted to around 61.5k BTC exiting the wallets of the LTHs in this period so far. The chart also includes the data for the 7-day changes in this Bitcoin indicator, and it seems like the metric has a negative value of 48.1k right now. This value isn’t negligible, but as is apparent from the graph, this red spike isn’t on the level of the ones observed during the previous selloffs. The report notes that this could imply there hasn’t been a widespread loss of conviction among Bitcoin’s most resolute holders yet. Nonetheless, it remains to be seen where the metric goes from here. “Should this develop into a sustained LTH-supply decline however, it may suggest otherwise,” cautions Glassnode.BTC Price
At the time of writing, Bitcoin’s price floats around $16.8k, down 15% in the last week. Over the last month, the crypto has lost 13% in value.
The value of the crypto seems to still be trading sideways | Source:
Featured image from Daniel Dan on Unsplash.com, charts from TradingView.com, Glassnode.com