Long-term Bitcoin holders control a record 14.599 million BTC, representing 75% of the total cryptocurrency supply, according to Glassnode.
In the past seven days, the aggregate balance of these wallets rose by 43,949 BTC (about $1.274 billion at the price at the time of writing).
Glassnode defines long-term holders as addresses whose assets have not moved for more than 155 days (~five months). Analyses by the analytics service show a statistically low likelihood that these coins will be spent, and they are presumed to be in a HODL status.
Checkmate, a leading on-chain analyst at Glassnode, also noted that Bitcoin’s realized volatility has fallen to historical lows. On various timeframes, the indicator is the quietest since March 2020, he said.
Historically, such low volatility is consistent with bear-market hangovers (the accumulation phase), the expert noted.
In his words, only after the indicator’s low in November 2018 did Bitcoin fall by about 50%. Other cases were precursors to a bullish impulse. Therefore price movement could go in either direction, but historically rallies occurred more often, he added.
Analyst Michael van de Poppe dispelled investors’ expectations that Bitcoin would fall to $12,000 before a new rally.