Increased Balance of Long-Term Bitcoin Holders
Recent on-chain data reveals a rise in the supply of long-term Bitcoin holders, even amidst market uncertainties. Long-term holders, also known as HODLers, are investors who have kept their coins for at least a year.
Typically, long-term holders are less likely to sell their dormant coins, demonstrating a steadfast approach in the market. In contrast, short-term holders may be more inclined to sell during market fluctuations.
Despite concerns such as Mt. Gox redistributing coins and the German Government selling confiscated BTC, long-term holders seem unfazed as their combined balance has grown in the past week.
An analyst noted a positive trend in the Coinbase Premium Gap, indicating higher buying pressure on Coinbase compared to Binance, potentially influenced by American institutional investors.
Bitcoin Price
Bitcoin’s price has surged over 12% in the last seven days, now surpassing $64,400.
