Data shows the Bitcoin long-term holder supply has surged up recently to near all-time high values as these “diamond hands” add to their holdings.
Long-term bitcoin holder supply jumps up by 250k Bitcoin after the recent low
The latest Glassnode weekly report shows that the total current balances of long-term holders are only 30k from the ATH.
The “long-term holders” (or LTHs in short) is a Bitcoin holder group that includes all those investors who have been holding onto their coins since at least 155 days ago, without having sold or moved them.
The chances of holders selling their BTC are less if they keep them in tact. LTHs, as an investor group, are less likely to sell their BTC at any given point.
The opposite cohort is the “short-term holders” (STHs), who have had their coins in their wallets for less than the 155-day mark.
Now, the “LTH supply” is a measure of the total number of coins currently sitting in the wallets of the investors belonging to this group.
These coins will be included naturally in the LTH supply when the STH supply reaches the threshold.
Below is a chart showing the trends in Bitcoin LTH Supply over the last couple of years.
Source: Glassnode's The Week Onchain - Week 36, 2022| Source: Glassnode's The Week Onchain - Week 36, 2022
The graph above shows that the supply of Bitcoin LTH has been declining since the ATH, and it hit a new low a few weeks ago.
However, during the last few weeks, the indicator’s value has observed an uplift. LTHs added approximately 250k BTC to their holdings since the low.
This report notes that investors need to acquire LTHs within 155 days to qualify for the LUNA crash.
Due to this, the report thinks it’s possible the supply of these hodlers will stagnate over the next month, or even until mid-October, where the threshold will have then shifted to the post-selloff period.
At the time of writing, Bitcoin’s price floats around $19.8k, down 1% in the last week. The crypto’s value has fallen 14% over the last month.
Below is a chart showing the change in coin price over the past five days.
Cryptocurrency's value seems to not have moved in recent days. Source: TradingView, BTCUSD.| Source: BTCUSD on TradingView
Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, Glassnode.com