Long-Term Bitcoin Holders Remain Optimistic Amid Market Volatility

Key Points:

• Long-term Bitcoin holders bought over 184,500 BTC, valued at $11.1 billion, despite a market downturn and BTC’s price dip.
• Bitcoin’s price remains around $60,400, showing resilience with a slight recent uptick, while long-term investors continue holding firm.

According to Bitcoin Magazine, during this downturn, long-term Bitcoin holders have accumulated more than 184,500 BTC, which is equivalent to about $11.1 billion.

Read more: The City of Santa Monica Bitcoin Office Launched to Promote Industry Education

Aggressive Accumulation by Long-Term Bitcoin Holders Despite Market Tumble

Bitcoin’s drastic purchases reached a limb even while the price of BTC spiralled down to $49,600 per unit on August 5, 2024, which registered more than $1 billion in liquidations across crypto-aggressive derivatives markets.

Currently, the price of Bitcoin wouldn’t move too far away from $60,400, down 1.82% in the last seven days but up 0.8% in the last 24 hours. Investors aren’t scrambling to get out, a fact that seems to be steadying the market.

The move speaks volumes about how long-term Bitcoin holders are highly confident that the recent price drops are very temporary and not the end of Bitcoin’s uptrend.

75% of Bitcoin’s Supply Held by Long-Term Investors

Data from blockchain analytics firm Glassnode has the latest figure representing that long-term Bitcoin holders are now in control of a record 75% of Bitcoin’s circulating supply. This shows that holders are viewing the present dip as some sort of small interlude in Bitcoin’s overall rise.

Following the chaos on August 5, Bitcoin rebounded 4% the next day, indicating more gains could be in store. While the recovery remains somewhat unstable at the moment, there are signs that Bitcoin may regain its strength and probably even start another rally toward the end of this week.

In March, Bitcoin price surged to an all-time high of $73,800. However, the selling at that time was not led by long-term Bitcoin holders. The Bitcoin price has moved between $50,000 and $70,000 ever since then, proving that the investors did not lose faith in the cryptocurrency’s long-term prospects.