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BTC Long-Term Holders’ Net Supply Increase Reaches Record High
Bitcoin long-term holders (LTHs), holding coins for at least six months, significantly increased their supply in the last 30 days, marking a record increase.
Coin supply held by LTHs climbed by an unprecedented 800,000 BTC. This surpassed previous records, with CryptoQuant stating such a 30-day increase exceeding 750,000 BTC occurring only six times in Bitcoin’s history. CryptoQuant’s analysis identifies this as a “key signal”.
According to CryptoQuant’s blog post, data shows this 30-day LTH supply change reached its highest level. Commenting, contributor Darkfost noted, “This week brings a key signal from LTH that shouldn’t be overlooked. This makes it a powerful signal that should absolutely be factored into any strategy.”
The analysis further indicates that coins recently entering the LTH category were purchased between $95,000 and $107,000. This reinforces a potential support zone for BTC in this price band.
While long-term holders offer a bullish sign, Glassnode cautions about the importance of lower support levels. The firm recently stated that the price band between $93,000 and $98,000 is “crucial” for the current bull market structure. Glassnode emphasized that, “As long as the price holds above this range, the bull market structure remains intact.”
This article is not investment advice or a recommendation. Investing or trading in cryptocurrency involves risk.
