Over $268,000,000 in Bitcoin Moving to Long-Term Holders Signaling BTC Is Close to Bottom: Insights Firm
A leading crypto insights platform is revealing that an investor cohort with little to no history of spending their Bitcoin (BTC) is snapping up BTC to the tune of hundreds of millions of dollars per day.
Glassnode says in its latest newsletter that long-term holders (LTHs), or entities who are less likely to sell their BTC after holding their stacks for more than 155 days, are accumulating Bitcoin at a rapid rate.
The market intelligence firm highlights that the accumulation rate of long-term holders is exponentially higher than the amount of BTC mined per day.
“At present, the LTH market inflation rate is at -10.9%, which means LTHs are currently adding to their balance at 7.6x the rate of issuance.”
Glassnode’s lead on-chain analyst shows the numbers to illustrate the depth of accumulation by long-term holders.
“With ~900 BTC in mined issuance per day, this means around 6,840 BTC moving into LTH storage daily.”
At time of writing, Bitcoin is exchanging hands for $39,231, which means long-term holders are gobbling $268.34 million worth of BTC on a daily basis.
In addition, Glassnode says that Bitcoin’s inflation rate has plummeted to -10.9% amid the heavy accumulation of long-term holders. Historically, an effective inflation rate between -14% and -15% has marked bear market bottoms for BTC, according to the insights firm.
“This is approaching historical lows that have signaled bear market lows in past cycles, and is another constructive long-term undertone.”
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Author: Daily Hodl Staff
