A correction of about 20% in Bitcoin did not prompt long-term investors to mass selling — over the last month they disposed of only 0.7% (100,000 BTC) of their 13.5 million BTC. Analysts at Glassnode arrived at these estimates.
However, even after a near 20% correction (-$13.5k) off the ATH, Long-Term Holders do not appear to be spending their coins in panic.
After peaking at 13.5M $BTC, LTHs have only distributed 100k $BTC over the last month, representing just 0.7% of their total holdings.
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— glassnode (@glassnode) November 19, 2021
81.7% of the total market supply is held by holders, 18.3% by short-term holders (coins held for less than 155 days). Of this, the share of “unprofitable” bitcoins from the total supply is 3% for the first group and 8.3% for the second.
As a proportion of supply (excl. exchanges), the vast majority of LTHs remain in profit, holding 78.7% of $BTC in profit.
Only 3% of the supply is held by LTHs at a loss.
STHs who bought the top currently hold the majority of all $BTC at an unrealised loss.
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— glassnode (@glassnode) November 19, 2021
17% of the market supply was acquired by Bitcoin investors in the range of $56,000 to $69,000.
When the #Bitcoin market experiences a large sell-off, the change in profitable supply indicates of how many coins have an on-chain cost basis above the current price.
Since the ATH, over 17% of the $BTC supply has fallen underwater, leaving 83% of the supply in profit.
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— glassnode (@glassnode) November 19, 2021
As reported, SkyBridge Capital founder Anthony Scaramucci forecast Bitcoin to rise to $500 000. He referred to the limited supply of the first cryptocurrency and a large pool of wealthy investors.
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