Long-term Bitcoin holders are racking up the supply: Here’s why it matters

[ad_1]

Blockchain Data Shows Long-Term Holders Build Up Bitcoin Supply For Upward Squeeze Potential

Chain data collected from glassnode shows that long-term Bitcoin holders are currently building up 75% of the circulating supply and continuing to increase their BTC positions.

DETROIT, July 21, 2021 / PRNewswire / – Benzinga, a fintech media company providing information and data to retail investors and cryptocurrency traders, releases its latest data study: Blockchain Data Shows Long Term Holders Hoarding Bitcoin Supply for Potential Bullish Squeeze

The data shows that a selected set of Bitcoin wallet addresses labeled by Glassnode as “long-term holders” (LTH) currently control 75% of Bitcoin’s circulating supply. LTHs are accumulating Bitcoin again. In addition, the supply of Bitcoin on the exchanges is decreasing, which reduces the potential selling pressure.

Bitcoin’s previous bullish races were triggered by bullish cutbacks under similar conditions. In the third quarter of 2020, LTHs controlled 80% of the supply in circulation. By May 2021, that number had fallen to 66%.

As the price of Bitcoin continues to hover around $ 30,000, long-term holders are once again stepping up their dominance for another potential opportunity to sell at higher prices.

Benzinga regularly conducts data studies and publishes its findings. Read Benzinga’s Reports: Bitcoin Expected To Crush Bitcoin’s ROI In 2021 for more data like this.

Sign up to receive the latest Benzinga news and offers here and follow Benzinga on Instagram, Facebook, Twitter and subscribe to BenzingaTV’s YouTube channel to stay up to date.

For more information, please contact Logan Ross at [email protected] or contact us via Twitter @logannross

Cision

View original content: https://www.prnewswire.com/news-releases/bitcoins-long-term-holders-are-hoarding-the-supply-heres-why-it-matters-301338834.html

SOURCE Benzinga

[ad_2]