Advertisement
AD

Main navigation

Here's Who Sold Enormous Volumes of Bitcoin in Recent Months per Glassnode Data

Advertisement
Sat, 6/08/2022 - 14:53
Here's Who Sold Enormous Volumes of Bitcoin in Recent Months per Glassnode Data
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to an on-chain analytics firm, Glassnode, a significant proportion of Bitcoin selling pressure looks to be coming from long-term holders, notably those who bought their coins close to the market peak in 2021–2022.

Advertisement

In a recent analysis, Glassnode monitors stakeholder behavior with a focus on Long-Term Holders, who control nearly 13,337 million BTC, or 79.85% of the current supply. According to the on-chain analytics firm, the Long-Term Holder cohort has on net distributed about 222,000 BTC since the beginning of May, which is equal to about 1.6% of their all-time high holdings.

It mentions that, as of mid-July, Long-Term Holders (LTH) were disposing of coins at a loss, according to the weekly average of the LTH-SOPR indicator, which gauges the ratio between the disposal price and the average acquisition price.

The weekly averaged value of LTH-SOPR is now at 0.67, indicating a 33% loss locked in on average, as prices have just encountered resistance near the $24,000 mark. According to Glassnode, this demonstrates spending at a loss by Long-Term Holders in the current market.

Bitcoin holders from 2017–2021 cycle unmoved

According to Glassnode, those who still own coins from the 2017–2021 cycle (or earlier) are mostly retaining their holdings, in contrast to those who bought coins at the 2021–2022 market tops.

The aggregated behavior of long-term holders in the 2021–2022 group has shifted over the past three weeks from 79,000 BTC/month of accumulation to shedding 47,000 BTC/month of distribution, according to the report. The recent market recovery also gave holders a chance to exit some liquidity.

Since mid-July, cryptocurrency markets have meaningfully recovered despite all the macroeconomic concerns. At the time of writing, Bitcoin was trading at $23,221, up 1.05% over the previous day.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD