Bitcoin supply held by long-term holders hits all-time high — Research
Bitcoin’s recent rally to a 2023 high is backed by on-chain and sentiment data. Data from Glassnode suggests that Bitcoin (BTC) is in an accumulation pattern with its available supply reaching a new historical low. According to the report, Bitcoin’s illiquid supply and long-term holders cohort rise. As Bitcoin’s supply tightens, available BTC is being purchased by smaller, long-term holding entities. Bitcoin accumulation among a majority of investor cohorts and the bullish conviction of long-term holders equates to investors gobbling up “92% of the newly mined supply ” according to Glassnode Analysis . “If we isolate only entities on the smaller end of the scale, such as Shrimps ( Entity Bitcoin balance changes versus issuance. Source: Glassnode On the backs of smaller entities gobbling up Bitcoin’s minted supply , long-term holders have reached new highs versus short-term holders , something not seen since July 2023. In addition to the solid long-term holder ratio, short-term ho...