Research from on-chain analytics provider Glassnode has found that roughly three-quarters of circulating Bitcoin last moved on the blockchain when prices were below $10,800, suggesting most market participants are long-term holders.
Glassnode’s March 29 ‘Week on Chain’ report found that 25.43% of circulating BTC last traded between the prices of $10,800 and $58,800. With Bitcoin trading for $10,800 just six months ago, the data suggests one-in-four circulating BTC last changed hands during either Q2 2020 or Q1 2021.
The report notes the number of long-term Bitcoin bulls continues to increase, with many coins that have remained dormant since early in the current market cycle now being classified by Glassnode as long-term holdings, or LTH — coins that have not moved on-chain for at least 155 days. Read more…..
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