Data shows the Bitcoin long-term holder supply has mostly moved sideways since the high in October of last year.
Bitcoin Long-Term Holder Supply Has Stagnated As Sell-Side Balances Buy-Side
As per the latest weekly report from Glassnode, the BTC long-term holder accumulation seems to have stopped following the October high.
The “long-term holder” (or LTH in short) supply is the part of the total Bitcoin supply that hasn’t observed any movements since at least 155 days ago.
When the value of this indicator goes up, it means more coins are maturing beyond the threshold. Sustained such trend can be a sign of accumulation from investors, and can prove to be bullish for the crypto’s value.
On the other hand, a downtrend in the metric implies LTHs are selling their coins (thus resetting their age to zero days). Dumping from these holders is usually a bearish sign for the price of Bitcoin.
Now, here is a chart that shows the trend in the BTC long-term holder supply over the past few years:
And after the rallies started winding off, these holders started accumulating Bitcoin. At present, the holders have stopped the trend of hodling that started back in April 2021, but they also haven’t sold off.
The sideways movement suggests the coins maturing into the LTH range are being balanced off by selling from these holders.
It now remains to be seen whether Bitcoin long-term holders will up the selling in the near future, or if they will return back into a trend of accumulation until the next bull rally.
At the time of writing, Bitcoin’s price floats around $42.9k, up 10% in the last seven days. Over the past thirty days, the crypto has gained 15% in value.
The below chart shows the trend in the price of BTC over the last five days.