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After posting a new all-time high above $68,000 last month, Bitcoin was not able to sustain its upward momentum and decline sharply by around 30 percent. However, data from analytics firm Glassnode show that long-term holders of the crypto remain undeterred by the sharp price drop and have only marginally tripped their BTC positions.
Bitcoin set a new all-time high on November 10, 2021, when it traded at $68,990.90. However, the crypto decline since then at BTC traded at $47,514 at the time of writing based on Coindesk data. This means that Bitcoin has fallen by $21,476 or around 31.1 percent from its all-time high.
But the sharp price decline has not deterred long-term holders of the crypto. Glassnode data revealed that supply held by investors dropped from 13.4 million BTC to 13.3 million BTC, considered only a marginal change considering the steep decline of Bitcoin’s price.
However, long-term holders actually increased their Bitcoin holdings since the year started. “Long-Term Holders added 1.846M BTC to their holdings, bringing their total stack to 13.33M BTC,” Glassnode noted. “This reflects an increase of 16% over the year.”
Meanwhile, short-term Bitcoin holders decreased their holdings during the same period. “Short-Term Holder supply has declined by 1.428M BTC, with this cohort currently holding 3.01M BTC,” Glassnode said. “This reflects a decline of 32% on the year.”
Glassnode said that this transfer from short-term to long-term holders despite multiple ATHs is a period of modest accumulation and macro consolidation. “Such on-chain behavior is more typically observed during Bitcoin bear markets, which in hindsight are effectively lengthy periods of coin redistribution from weaker hands, to those with stronger, and longer-term conviction,” the firm added.
The fact that some long-term holders have not touched their crypto holdings in over five years indicates that they remain steadfast in their conviction of Bitcoin’s future potential. “Over 23% of bitcoin’s 21 million supply remaining untouched in the period, as per other metrics tracked by Glassnode,” Coindesk pointed out.
