{"id":508510,"date":"2022-11-15T16:00:42","date_gmt":"2022-11-15T16:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=508510"},"modified":"2024-06-11T07:14:18","modified_gmt":"2024-06-11T07:14:18","slug":"glassnode-bitcoin-long-term-holder-conviction-not-lost","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/glassnode-bitcoin-long-term-holder-conviction-not-lost\/","title":{"rendered":"Glassnode Suggests Bitcoin Long-Term Holder Conviction Not Lost Yet"},"content":{"rendered":"

Data from Glassnode suggests Bitcoin long-term holder capitulation hasn’t reached a scale that would imply a widespread loss of conviction yet.<\/p>\n

Bitcoin Long-Term Holder Supply Has Declined By 61.5k BTC Since 6 Nov<\/h2>\n

According to the latest weekly report from Glassnode<\/a>, the BTC long-term holder supply has observed a notable decrease recently.<\/p>\n

The “long-term holders<\/a>” (LTHs) make up a cohort that includes all Bitcoin investors who have been holding onto their coins since at least 155 days ago.<\/p>\n

Holders belonging to this group are statistically the least likely to sell at any point, so movements from them can have noticeable implications for the market.<\/p>\n

The “long-term holder supply<\/a>” is an indicator that measures the total number of coins currently stored in the wallets of these resolute investors.<\/p>\n

Changes in the value of this metric can tell us whether the LTHs are accumulating or selling at the moment.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin LTH supply over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has decreased in the last few days | Source: Glassnode's The Week Onchain - Week 46, 2022<\/a><\/pre>\n
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.<\/p>\n
This means that the market had been continuously accumulating the crypto as the bear market went on.<\/p>\n
Related Reading:  Quant Points Out Striking Resemblance Between 2017 And 2021 Bitcoin Cycles<\/a><\/div>\n
However, since the 6th of November (when the crash triggered by the FTX collapse<\/a> began), the indicator has sharply declined, suggesting that LTHs have participated in some selling.<\/p>\n
In total, the decline has amounted to around 61.5k BTC exiting the wallets of the LTHs in this period so far.<\/p>\n
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.<\/p>\n
Related Reading:  Bitcoin Moves Differently From US Stock Market, Correlation Weakening?<\/a><\/div>\n
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.<\/p>\n
The report notes that this could imply there hasn’t been a widespread loss of conviction among Bitcoin’s most resolute holders yet.<\/p>\n
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.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $16.8k, down 15% in the last week. Over the last month, the crypto has lost 13% in value.<\/p>\n
\"Bitcoin<\/p>\n
The value of the crypto seems to still be trading sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Daniel Dan on Unsplash.com, charts from TradingView.com, Glassnode.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Data from Glassnode suggests Bitcoin long-term holder capitulation hasn’t reached a scale that would imply a widespread loss of conviction yet. Bitcoin Long-Term Holder Supply Has Declined By 61.5k BTC Since 6 Nov According to the latest weekly report from Glassnode, 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. Holders belonging to this group are statistically the least likely to sell at any point, so movements from them can have noticeable implications for the market. 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. Now, here is a chart that shows the trend in the Bitcoin LTH supply over the last few years: Looks like the value of the metric has decreased in the last few days | Source: Glassnode’s The Week Onchain – Week 46, 2022 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. This means that the market had been continuously accumulating the crypto as the bear market went on. Related Reading: Quant Points Out Striking Resemblance Between 2017 And 2021 Bitcoin Cycles 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. Related Reading: Bitcoin Moves Differently From US Stock Market, Correlation Weakening? 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: BTCUSD on TradingView Featured image from Daniel Dan on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":508535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87364,85255,86770,84666,86532,1119,1144,61309],"class_list":["post-508510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-conviction","tag-bitcoin-diamond-hands","tag-bitcoin-long-term-holder-supply","tag-bitcoin-long-term-holders","tag-bitcoin-lths","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nGlassnode Suggests Bitcoin Long-Term Holder Conviction Not Lost Yet<\/title>\n<meta name=\"description\" content=\"Data from Glassnode suggests Bitcoin long-term holder capitulation hasn't reached a scale that would imply a widespread loss of conviction yet. 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Glassnode Suggests Bitcoin Long-Term Holder Conviction Not Lost Yet","url":"http:\/\/uniquehot.com\/news\/glassnode-bitcoin-long-term-holder-conviction-not-lost\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/glassnode-bitcoin-long-term-holder-conviction-not-lost\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/daniel-dan-MdDV8akgY2c-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/daniel-dan-MdDV8akgY2c-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin conviction","bitcoin diamond hands","bitcoin long-term holder supply","bitcoin long-term holders","bitcoin lths","btc","btcusd","glassnode"],"dateCreated":"2022-11-15T16:00:42Z","datePublished":"2022-11-15T16:00:42Z","dateModified":"2024-06-11T07:14:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Glassnode Suggests Bitcoin Long-Term Holder Conviction Not Lost Yet\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/glassnode-bitcoin-long-term-holder-conviction-not-lost\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/glassnode-bitcoin-long-term-holder-conviction-not-lost\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/daniel-dan-MdDV8akgY2c-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/daniel-dan-MdDV8akgY2c-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin conviction\",\"bitcoin diamond hands\",\"bitcoin long-term holder supply\",\"bitcoin long-term holders\",\"bitcoin lths\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2022-11-15T16:00:42Z\",\"datePublished\":\"2022-11-15T16:00:42Z\",\"dateModified\":\"2024-06-11T07:14:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/daniel-dan-MdDV8akgY2c-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/508510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=508510"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/508510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/508535"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=508510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=508510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=508510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}