The Bitcoin price has been gaining momentum and steadily rising back to a more bullish price position of $30,000. Despite market downturns, long-term holders of the cryptocurrency are increasing their investments in hopes of a significant bull run. s the holder metric hits a new all-time high.
Bitcoin Price Rises As Holder Metric Peaks
Bitcoin’s price has been consolidating for a while now, pushing past the $27,000 threshold and being traded presently at $27,047. The cryptocurrency is slowly moving towardsthe $30,000 mark, defying bearish expectations.
Co-founder of Reflexivity Research, Will Clemente revealed a chart report illustrated by Glassnode, a blockchain data and intelligence platform, in an X (formerly Twitter) post on Thursday.
The chart revealed metrics of Bitcoin long-term holders (LTHs) and short-term holders (STHs) as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.
The chart revealed that three out of four BTC are currently owned by long-term crypto investors. Clemente stated that 76.09% of Bitcoin’s total supply is currently owned by long-term holders, indicating a major all-time high in Bitcoin adoption for LTHs.
“The percentage of Bitcoin supply held by long-term holders just officially reached its highest level ever at 76.09%,” Clemente stated.
This revelation underscores the growing resilience of the world’s largest cryptocurrency and the strong confidence crypto investors have in Bitcoin as a store of value compared to other cryptocurrencies in the industry.
According to Glassnode’s data, short-term holders of Bitcoin are more likely to trade their cryptocurrency for quick profits during high-volatility markets. While long term holders usually hold their crypto assets
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Author: Scott Matherson
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