Bitrabo Editorial
Latest on-chain data provided by Glassnode reveals that the “diamond hands” (long-term holders) remain bullish on Bitcoin as their supply marks a new all-time high. Long-term holders (LTHs) are the investors who have held on to their Bitcoin for at least 155 days without moving or selling them on the network. This category of investors makes up the stronger conviction part of the market as they are statistically less likely to sell their coins at any point.
The Bitcoin LTH supply, which measures the total amount of Bitcoin held in wallets by LTHs, has risen to 14.46 million BTC, according to the latest weekly report by Glassnode. The trend in the LTH bitcoin indicator showed a decline during the first half of 2021 when the bull run occurred, as even the diamond hands were tempted into selling during profit-taking. However, the LTHs began accumulating again after the rally, adding a net amount of coins to their wallets. During the bear market and the first few months of the rally that started this year, the growth in their supply slowed down but did not decline. The recent trend shows a rapid accumulation of Bitcoin by LTHs, indicating that they remain unperturbed by the price struggle in the recent past.
The LTH supply hitting a new ATH implies that the recent maturing LTHs would still be some of the most profitable hands as they originated from the lows which followed the FTX crash. Presently, Bitcoin trades around $27,300, up 1% in the last week.