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Data shows that the supply of long-term Bitcoin holders has recently risen to almost always high values as these “diamond hands” increase their holdings.
Long-term supply of Bitcoin holders rises by 250,000 BTC after the recent low
According to the latest weekly report from glass nodethe current total balances of the long-term holders is only 30k away from the ATH.
the “long term holders” (or LTHs for short) is a Bitcoin holding group that includes all those investors who have held their coins since at least 155 days ago, without selling or moving them.
In general, the longer holders keep their BTC quiet, the less likely they are to sell them. This makes LTHs the less likely group of investors to sell at any time.
The opposite cohort is the “short-term holders” (STHs), who have had their coins in their wallets for less than 155 days.
Now the “LTH stock” is a measure of the total number of coins currently in the portfolios of the investors belonging to this group.
When the STH stock matures enough and reaches the threshold, these coins are then naturally included in the LTH stock.
Here is a chart showing the trend in Bitcoin LTH supply over the past few years:
Looks like the value of the metric has been going up in recent days | Source: Glassnode's The Week Onchain - Week 36, 2022
As you can see in the chart above, Bitcoin LTH’s supply was at a reject since the ATH and a while back bottomed out.
However, the value of the indicator has risen in recent weeks. Since the low, LTHs have added about 250,000 BTC to their holdings.
The report notes that the 155-day threshold sets the minimum acquisition period for these investors to be counted as LTHs before the LUNA crash.
As a result, the report believes it is possible that the supply of these hodlers will stagnate in the coming month, or even into mid-October, when the threshold will then have shifted to the post-sale period.
At the moment of writing, The price of Bitcoin hovers around $19.8k, down 1% over the past week. In the past month, the crypto lost 14% in value.
The chart below shows the trend in the price of the coin over the past five days.
The value of the crypto seems to have not moved much in the last few days | Source: BTCUSD on TradingView
Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, Glassnode.com