On-chain data shows the Bitcoin HODLers have continued to accumulate recently as they expand their holdings at a rate of 194,500 BTC per month.
Bitcoin’s Illiquid Supply Has Continued To Go Up Recently
According to data from the on-chain analytics firm Glassnode, the BTC illiquid supply is currently growing at rates near the cycle high. The “illiquid supply” here refers to the combined wallet amounts held by Bitcoin entities that have little to no history of spending their coins.
An “entity” here is a single address or a collection of addresses that Glassnode has determined through its analysis to belong to the same investor. The entities that have participated in a low amount of selling would be the high-conviction BTC investors, popularly called the “HODLers.”
The supply of these HODLers may also be tracked using the “long-term holder (LTH) supply” metric, where LTHs are investors who purchased their coins more than 155 days ago.
However, the LTH supply indicator can lag behind, as only coins that have aged at least 155 days ago are included in it. So, if some investors who are planning to hold for extended periods do some buying, the LTH supply wouldn’t register them until 155 days later.
The illiquid supply somewhat mitigates this problem as it counts all coins that are likely to mature into the LTH cohort based on their buyers’ past experience. Naturally, this method isn’t entirely accurate, but it can still nonetheless provide us an idea about the buying or selling behavior of the HODLers.
Now, here is a chart that shows the trend in the Bitcoin “illiquid supply change” metric, which measures the 30-day changes taking place in this supply:
Looks like the value of the metric has been quite high in recent days | Source: Glassnode on Twitter
As displayed in the above graph, the Bitcoin illiquid supply change has surged to highly positive values recently, implying that the holdings
Go to Source to See Full Article
Author: Hououin Kyouma
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
