- Addresses that have held Bitcoins for 155 days or more are considered Long-term holders.
- Long-term Bitcoin holders dominated the network in February, controlling as much as 78%.
Glassnode, a blockchain analytics company, reports that the number of Bitcoins held by long-term holders has hit a new high of 14.599 million. A total of 43,949 Bitcoin, or almost $1.274 billion has been added to these wallets during the last week.
Addresses that have held Bitcoins for 155 days or more are considered Long-term holders. Glassnode claims that historical data indicates this sort of address is highly unlikely to sell, and as a result, is often termed to be HODLers.
Banking on BTC Rally
Seventy-five percent of Bitcoins in circulation are owned by long-term holders, indicating that investors are choosing to save their funds for the foreseeable future.
Long-term Bitcoin holders dominated the network in February, controlling as much as 78% of the total supply. Increasing trust in the top cryptocurrency’s potential as a store of wealth may still be behind this persistent trend of long-term holding.
The historical volatility for Bitcoin has also dropped to record lows, as per an on-chain analyst at Glassnode. Historical volatility is the degree to which an asset’s price fluctuates over a certain time frame. The difference between two successive closing prices is often used as the basis for this calculation.
After reaching highs of over $31,500 in mid-July amidst a fresh wave of Bitcoin ETF applications, the value of the biggest cryptocurrency in the world has fallen 4.3% in the previous month. According to CMC, the price of Bitcoin is now trading at $29,052 and is up 0.06 % in the last 24 hours.
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