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$33 Billion Worth of BTC Added by This Class of Bitcoin Holders in Big Move

Sat, 07/29/2023 - 14:45
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Tomiwabold Olajide
1.10 million BTC acquired by these Bitcoin holders in major accumulation move
$33 Billion Worth of BTC Added by This Class of Bitcoin Holders in Big Move
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Citing Glassnode data, on-chain analyst Ali reported that long-term Bitcoin holders have added over 1.10 million BTC to their holdings over the past year, worth a whopping $33 billion.

Ali makes his deduction from the Bitcoin long-term holder supply, which has seen an increase in the past year. 

On July 24, Glassnode reported that new highs were being set for this indicator, which reflects the behavior of long-term Bitcoin holders.

According to the on-chain analytics firm, the Bitcoin long-term holder supply has achieved a new all-time high of 14.52 million BTC, equivalent to 75% of the circulating supply. This achievement may indicate that HODLing is the preferred market dynamic among mature investors or long-term Bitcoin holders.

Bitcoin's realized cap, which is currently near $400 billion, according to Glassnode, might suggest that a steady stream of capital is entering the crypto asset throughout 2023. As the realized cap rises, it indicates that coins are changing hands at higher net prices, implying a modest uptick in new demand inflows this year.

Whale-to-exchange net flows have tended to oscillate between over 5,000 BTC/day over the last five years, according to Glassnode data. However, during June and July of this year, Bitcoin whale inflows maintained a higher inflow bias of 4,000 to 6,500 BTC/day.

Bitcoin price outlook and halving event

In a report issued at the start of the week, Fundstrat Research predicted that the price of Bitcoin might rise 521% from current levels to $180,000 before its anticipated halving in April 2024.

According to Fundstrat experts, a Bitcoin ETF might generate an additional $100 million in daily demand for Bitcoin. The halving of Bitcoin, which is considered a bullish occurrence, is also approaching. On Monday, the Bitcoin network surpassed block 800,000, marking yet another significant milestone for the lead cryptocurrency.

Bitcoin (BTC) Interesting Chart Pattern Targets $58,000: Details

This also means that the next Bitcoin halving event, which occurs every four years at 840,000 blocks and reduces miners' earnings by half, is now less than 40,000 blocks away.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.