Journalist
Posted:
- Long-term holders of BTC have reached an all-time high.
- The total number of holders has exceeded 50 million.
Despite Bitcoin’s sideways price movement [BTC], long-term investors hold on to their assets. Recent statistics show an increase rather than a decrease in the number of long-term owners.
Bitcoin hodling record rises
According to a recent InTheBlok post, the volume of Bitcoin in the hands of long-term investors reached a new record. This implied an increase in the amount of BTC in wallets that were not put up for sale.
The growth in this category indicated confidence in a potential future price increase. Nevertheless, it’s worth noting that we could see a sell-off from this group of holders when the price reaches a certain point.
The movement in BTC Hodler’s net position change metric demonstrated this possibility.
Bitcoin Hodlers Fall Under Price Surges
AMBCrypto’s analysis of Bitcoin Hodlers’ net position change on Glassnode revealed a consistently positive trend. This indicated that many hodlers were steadfast in holding on to their BTC.
However, it is notable that the graph shows a recent decline in this number, to well over 25,000 according to the latest data.
Source: Glassnode
Closer examination of the graph revealed that the number was previously around 50,000. The drop coincided with the BTC price crossing the $30,000 mark, indicating that some long-term holders were choosing to sell their holdings to take advantage of the gains.
Despite this reduction, the net position change remained positive.
More and more holders are coming in
Although certain long-term holders of Bitcoin opted for profitable exits, the total number of holders continued to rise. An analysis of the total number graph on Santiment showed that the prevailing price trend attracted more participants to the network.
The chart indicated that growth continued and reached an all-time high. According to the latest data, the total number of holders exceeded 50.5 million, reflecting an increase of more than 1 million since early November.
Source: Santiment
Read Bitcoins [BTC] Price prediction 2023-24
Bitcoin sees a slight increase
Recently, Bitcoin has experienced fluctuations, alternating between losses and gains, with the percentage of losses exceeding gains. The November 18 daily timeframe chart indicated a closely contested battle between sellers and buyers.
Ultimately, the day ended with a loss of less than 1%. At the time of writing, Bitcoin was trading at around $36,700, showing a marginal gain of less than 1%.
Source: TradingView