Copy link
Increase text size
Decrease text size
Link copied

Bitcoin’s recent price drop hasn’t shaken long-term HODLers’ conviction of the crypto’s potential

Long-term holders increased their Bitcoin holdings by 1.846M BTC since the year started.

Photo by MichaelWuensch of Pixabay

Fri, 31 Dec 2021, 02:35 am UTC

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $22,860.00 (-2.32%)
  • Ethereum (eth) $1,632.56 (-2.32%)
  • BNB (bnb) $325.73 (-3.04%)
  • USD Coin (usdc) $0.999997 (-0.02%)
  • XRP (xrp) $0.398762 (-3.16%)
  • Bitcoin (btc) $22,860.00 (-2.32%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.