In May, the indicator LTH-SOPR reached -27% — the first time since the summer of 2020. This is a sign of capitulation among long-term holders of digital gold, according to the ForkLog report.
Against the Terra collapse, a significant portion of the sold LFG reserves—80,081 BTC—moved to wallet holders with balances between 10 BTC and 100 BTC.
Whales with balances above 10 000 BTC also showed significant activity. During May they bought 46 269 BTC, including part of the LFG’s realized reserves.
The indicator MVRV Z-Score is not yet giving a reliable buy signal, though it remains near the green oversold zone. This suggests that the price recovery around the May–June threshold may be only a correction, not a reversal of the main trend.
The Bitcoin supply on centralized exchanges fell in early May to 2.48 million coins, a level last seen at the start of September 2018. Ethereum balances on such platforms rose into mid-month, but the trend reversed when the asset’s price hit a local bottom.
Sponsor of the ‘Bitcoin Industry in Numbers’ column — the global blockchain ecosystem Binance.
Earlier, Glassnode analysts noted that the Terra ecosystem collapse pushed some long-term bitcoin investors to realise losses, but many hodlers took advantage of the price dip below $30,000 to build up positions.
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