According to Checkmate, an on-chain analyst at Glassnode, the supply of long-term Bitcoin holders has reached an all-time high.
New All-time-high for #Bitcoin Long-Term Holder supply 🔵, now at 14.59M $BTC (75% of circulating).— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) August 7, 2023
A suite of essential Long/Short-Term Holder tools are available for Advanced @glassnode members to track HODLers vs Speculators in this dashboard 👇https://t.co/ZyvUI9zL12 pic.twitter.com/83sLGQbtT5
Citing Glassnode data, the analyst noted that long-term Bitcoin investors currently control a record 14.59 million BTC. This quantity accounts for 75% of Bitcoin's circulating supply, indicating that BTC investors prefer to keep their holdings for long periods.
Long-term Bitcoin holders are addresses that have had coins in their possession for at least 155 days. Previous Glassnode research indicates that this type of address is statistically unlikely to spend and is consequently assumed to be a "HODLer."
As positive indications come to light for long-term Bitcoin holders, the realized volatility for Bitcoin has fallen to historic lows.
In a separate tweet, Checkmate observes that realized volatility for Bitcoin has dropped to historic lows. When looking at one-month to one-year timescales, this could be Bitcoin's quietest stretch since March 2020.
This is important because, historically, such low volatility corresponds to post-bear-market hangover periods, which are also re-accumulation periods.
Bitcoin's dull price action persisted throughout the weekend, signaling both bulls and bears are unsure of the next directional move.
Given the recent historic declines in volatility, Bitcoin could be in for a big move, although the direction of the breakout is yet undetermined.
In related news, digital asset investment products suffered outflows as profit-taking picked up steam in recent weeks. Per a CoinShares report, Bitcoin was once again the main focus, with outflows totaling $111 million, the most weekly outflows since March.
At the time of writing, BTC was up 0.01% in the last 24 hours to $29,001. The entire crypto market traded in losses at press time as traders anticipated key inflation stats later in the week.