Advertisement
AD

Main navigation

Long-Term Bitcoin Holders' Transactions Show 2,000% Increase

Advertisement
Sun, 28/05/2023 - 10:45
Long-Term Bitcoin Holders' Transactions Show 2,000% Increase
Cover image via www.freepik.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

Recent data reveals a sharp increase in transaction volumes sent by profitable long-term Bitcoin holders this year, marking an almost 2,000% rise. The sum transferred by such holders who are currently in a profitable position has risen dramatically from $25 million at the beginning of the year to a staggering $489 million currently.

Advertisement

Despite this massive uptick, the profitable transfer volume is still down by 71.4% from its peak value of $1.74 billion. This record transfer volume was observed during the bullish market phase that Bitcoin experienced in 2021. However, it is crucial to note that the current transaction volume, although lower than last year's peak, still represents a significant rise since the start of 2023.

A closer look at the data shows interesting patterns when breaking down long-term holder spending by age cohort. The group of holders that have held Bitcoin for a period between 6 months to 12 months appears to be the most active in terms of spending. Their transaction volume is three times that of all other long-term holder cohorts, those who have held Bitcoin for a year or more.

Related

Delving deeper into the transaction patterns of the 6-month to 12-month holder group, we find that 92% of their potential acquisition days are currently profitable relative to the current Bitcoin spot price. This significant profitability could well explain why this cohort has seen the highest transaction volumes this year.

Moreover, this profitability also aligns with the recent surge in overall profitable transfer volume, as well as the yearly high spent volume observed among holders with Bitcoin aged between 6 to 12 months. This trend could potentially influence market dynamics and investor behaviors in the coming months.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

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

Popular articles

Advertisement
AD