According to Glassnode, long -term holders (Lths) is defined as investors who have held bitcoin
For at least 155 days. Coindesk Research indicates that one of the reasons why Bitcoin has to reach new highest times has sold pressure from these long -term holders.
However, zooming out, Glassnode data shows that the percentage of Bitcoin’s circulating supply, which has not moved in at least three years, is currently at 45%, which is the same level observed in February 2024, one month after the launch of the US exchange-traded fund.
Three years ago, in July 2022, the market was in the middle of the leverage crisis, which was triggered by the collapse of 3AC and Celsius during the last bear market when Bitcoin was priced at $ 20,000, showing the conviction of LTHS.
Meanwhile, the proportion of circulating supply that has not been moved in at least five years has been 30% and has been flat since May 2024.
So while long -term owners sell, as they typically do when prices rise higher, these data points suggest that the wider cohort has not changed its overall behavior significantly for over a year now, which suggests that many are waiting for higher prices before making further traits.
Read more: Bitcoin Whales wakes up from 14-year-old gossip to move over $ 2B of BTC
