According to data provided by Glassnode, long-term holders currently hold almost 14.5M bitcoin (BTC). LTHs have been on a gradual accumulation spree in the past year and a half despite the prolonged bear market. 

Blockchain analytics firm CryptoQuant has recently revealed that institutional investors (hedge funds, pension funds, commercial banks, insurance companies, and more) have also shown an increasing appetite for holding the primary cryptocurrency in the long run.

So Close to the ATH

Glassnode’s figures showed that BTC investors willing to hold the asset for the long term have purchased a significant amount between April and early July 2023. The largest crypto asset has performed quite well during those months, as it recently closed its second consecutive quarter in the green for the first time since 2021.

Long-term holders also showed rising interest in BTC between September 2022 and the end of the year. Moreover, their accumulation efforts continued even during the FTX meltdown in November, which shook the entire crypto industry to its core. 

In fact, other market participants, such as those holding less than 1 BTC (described as “shrimps”) and those with no more than 10 BTC (“crabs”), also bought significant amounts of bitcoin shortly after the collapse of the once-prominent cryptocurrency exchange. 

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Author: Dimitar Dzhondzhorov

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