Long-term owner has amassed over $ 112 billion worth of Bitcoin by 2021, the Glassnode

According to the on-chain analysis platform Glassnode, long-time Bitcoin holders experienced a massive accumulation phase in the past year.

In a report Newly, the platform notes that long-term (LTH) holders of BTC, companies that put their Bitcoins dormant for 155 days or more, have accumulated heavily in 2021 and bought more than 2.42 million BTC, which is a value of 112,573 .560,000 USD equals.

Although they were sold after Bitcoin ‘s all-time highs in October and November, that selling pressure has eased, according to Glassnode.

“LTHs have cut their expenses and are more likely to be HODLers or even buyers at this price point. This shows that investor confidence in the market is still very high.

LTH has issued around 150,000 BTC since October, which is just 1.11% of their total holdings.

The slowdown in spending is a good sign as the market has been continuously adjusting recently. “

The source: Glass knot

Bitcoin is trading at $ 43,283 at press time, nearly 10% less than last week.

Another potential bullish indicator of BTC is that the percentage of supply that has not been used in a year or more remains high.

“If we look at the active offer for the last 1 year, we see that a large part of the coins that were accumulated at the end of 2020 are still unused.

By October 2021, over 682,000 BTC had moved to the 1-year pool, which corresponds to 3.3% of the circulating supply.

Over 57% of the supply has been dormant for 1 year or more, which corresponds to the 51.5% at the time when the price increase began in April 2019. “

However, Glassnode notes that Bitcoin’s network activity looks “stupid”. The number of active companies is still declining from the 2017 and 2020/2021 bull run levels, a bearish signal.

The source: Glass knot

According to the platform, the number of transactions is also lower than previous bull runs.

The source: Glass knot

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page