According to Glassnode, 76.5% of the supply of the first and leading cryptocurrency is stored on the wallets of long-term investors.
The supply of Bitcoin (BTC) held in the wallets of long-term investors has hit an all-time high of 76.5%, according to analytics firm Glassnode. In addition, the volume of Bitcoins that have been without movement for more than ten years is also growing (12.6%). Such coins are associated with long-term holders.
On February 22, Bitcoin was trading at approximately $37,700 on the LATOKEN crypto exchange, and its capitalization was $722 billion, according to CoinGecko. In January, the BTC price dropped to $32,900 for the first time since July 2021. Last November, the asset hit an all-time high above $69,000. Since then, it has fallen in price by 45%.
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Earlier, the Huobi crypto exchange co-founder, Du Jun, predicted that Bitcoin would continue to decline until the end of 2024 or the beginning of 2025 and may not see a bull market until that time. According to him, the bullish movements of Bitcoin are directly related to the halving, so the next wave of growth might be expected after the next halving.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.