Long-term Bitcoin holders at a multi-year high: Glassnode

Glassnode‘s latest weekly chain report shows that long-term Bitcoin (BTC) holders are at multi-year highs and the market is not yet saturated with profit-taking.

Long-term owners (LTH) appear to be cutting their expenses while adding more positions, according to a Nov. 22nd report by analysts Glassnode.

The analysis delves into the Volume Spent Age Range (SVAB), which is used to determine the age of coins that dominate on-chain flows on a given day. This metric can be used to determine when to start a profit or accumulation process, according to Glassnode.

Consistent issuance of coins that are older than a month, starting in November 2020 and ending from April to May 2021. The SVAB index has now fallen to 2.5% of the daily volume since it also rose with BTC’s all-time high in October is.

“This could reasonably be interpreted to mean that long-term owners are reducing their expenses and are therefore more likely to be accepted into positions than to leave them.”

Glassnode also points out that the total supply held by short-term shortsellers (STH) is at a multi-year low at less than 3 million BTC – this means the amount of LTH has been at a high level for years.

“The fact that STH has such little supply while prices are close to ATHs is a relatively unique case,” the report said.

While short-term owners have taken profits at “historic” highs and broken at lows, the market is not yet “saturated with profit-taking”.

The results suggest that there is little evidence of a major speculative run and the bulls may have some more running before this cycle ends.

Related: Analysts identify bullish and bearish scenarios if Bitcoin price falls below $ 56,000

12 reported to Cointelegraph that long-term owners were using 13.3 million BTC, valued at $ 754 billion at the time, despite not seeing any inflows in over five months.

On November 22nd, the Chinese journalist Colin Wu tweeted in response to reports that the number of other addresses has also reached an all-time high. This suggests that adoption and accumulation are still going on despite the asset’s 18% decline from its mid-October high of $ 69,000.

https://twitter.com/WuBlockchain/status/1462783508514967555?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

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