{"id":12099,"date":"2021-10-12T06:05:41","date_gmt":"2021-10-12T05:05:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12099"},"modified":"2021-10-12T06:05:50","modified_gmt":"2021-10-12T05:05:50","slug":"analysis-shows-bitcoin-bulls-hodl-strong-despite-a-five-month-price-high","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/analysis-shows-bitcoin-bulls-hodl-strong-despite-a-five-month-price-high\/","title":{"rendered":"Analysis shows Bitcoin bulls hodl strong despite a five-month price high"},"content":{"rendered":"\n
Despite the Bitcoin markets soaring to a five-month high, long-term Bitcoin investors are reluctant to sell, according to on-chain analytics firm Glassnode<\/a>.<\/h5>\n\n\n\n
\"Analysis<\/figure><\/div>\n\n\n\n

Glassnode reported in its “Week on Chain” report on Oct. 11 that “long-term holders\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>” \u2013 BTC wallets with no withdrawals for more than 155 days now own approximately 13.3 million BTC or 70% of Bitcoin's supply.<\/p>\n\n\n\n

Long-term holders have boosted their total hoard by more than 2.37 million BTC (approximately $134 billion at current rates) in the last seven months, according to the research.<\/p>\n\n\n\n

Long-term whales are amassing 12.7 times more BTC than is created as a new supply, according to Glassnode, with only 186,000 BTC newly minted by miners<\/a> during the same timeframe.<\/p>\n\n\n\n

Despite the refusal of long-term holders to sell, Glassnode observed an increase in on-chain activity as Bitcoin's price rose to a local high of $57,860 on Oct. 12.<\/p>\n\n\n\n

The number of active addresses on the blockchain increased 19 percent to 291,000 in October, reaching levels not seen since the run-up to December 2020's parabolic bull-run. The increase in activity, according to Glassnode, could portend further bullish momentum in the future:<\/p>\n\n\n\n

\u201cMore active market participants have historically correlated with growing interest in the asset during early stage bull markets.\u201d<\/p><\/blockquote>\n\n\n\n

The median transaction size increased to around 1.3 BTC per transfer, indicating growth in institutional-sized capital flows on-chain, according to the research. The median transaction<\/a> size in August was as low as 0.6 BTC per transfer.<\/p>\n\n\n\n

Last week, the Bitcoin network reached a new high of $31 billion in daily value settlement.<\/p>\n\n\n\n

On Oct. 12, Glassnode revealed that Bitcoin balances on centralized exchanges have dropped to a three-year low of 2.4 million BTC, indicating that many investors are hodling for better prices.<\/p>\n\n\n\n

Whales may be ahead-running the BTCmarkets in anticipation of a Bitcoin ETF approval this month, according to industry analysts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the Bitcoin markets soaring to a five-month high, long-term Bitcoin investors are reluctant to sell, according to on-chain analytics firm Glassnode. Glassnode reported in its “Week on Chain” report on Oct. 11 that “long-term holders ” \u2013 BTC wallets with no withdrawals for more than 155 days now own approximately 13.3 million BTC or […]<\/p>\n","protected":false},"author":12,"featured_media":12104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152,5082,484,5083],"class_list":["post-12099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-price","tag-glassnode-analysis"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/Analysis-shows-Bitcoin-bulls-hodl-strong-despite-a-five-month-price-high.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12099"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12104"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}