{"id":20227,"date":"2025-01-11T12:09:04","date_gmt":"2025-01-11T10:09:04","guid":{"rendered":"https:\/\/forklog.com\/en\/glassnode-long-term-holders-keep-selling-bitcoin-but-at-a-slower-pace\/"},"modified":"2025-01-11T12:09:04","modified_gmt":"2025-01-11T10:09:04","slug":"glassnode-long-term-holders-keep-selling-bitcoin-but-at-a-slower-pace","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/glassnode-long-term-holders-keep-selling-bitcoin-but-at-a-slower-pace\/","title":{"rendered":"Glassnode: long-term holders keep selling bitcoin, but at a slower pace"},"content":{"rendered":"<p>Even with prices about 12% below <span data-descr=\"all-time high of the metric\" class=\"old_tooltip\">ATH<\/span>, long-term holders of the first cryptocurrency (LTHs) are still distributing, but at a slower pace, Glassnode analysts wrote.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Even at prices about 12% below ATH, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Long-Term Holders (LTHs) are still distributing, but at a slower rate. Yet, the 30-day percent change in LTH supply suggests that the rate of distribution has likely peaked, reaching extremes seen in previous cycles. <a href=\"https:\/\/t.co\/3ENkHW8Pvc\">pic.twitter.com\/3ENkHW8Pvc<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877745469817774430?ref_src=twsrc%5Etfw\">January 10, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to them, the 30-day <span data-descr=\"moving average\" class=\"old_tooltip\">MA<\/span> of the metric suggests the pace of distribution has reached extremes seen in previous cycles.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Does this suggest the conclusion of the bull market? Not necessarily. In past cycles, price continued to climb even after LTH distribution peaked. This infers that a peak in distribution doesn\u2019t always align with an immediate macro top. <a href=\"https:\/\/t.co\/3ZTY7Tu6wm\">pic.twitter.com\/3ZTY7Tu6wm<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877745471839490440?ref_src=twsrc%5Etfw\">January 10, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Does this signify the end of the bull market? Not necessarily. In past cycles, price continued to rise even after LTH distribution had peaked. This means that a peak in distribution does not always coincide with the immediate macro top,&#8221; the experts explained.<\/cite><\/p><\/blockquote>\n<p>They highlighted another factor: the &#8220;loss-making&#8221; supply held by HODLers is near zero.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Another factor to consider: <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> LTH supply in loss remains at 0%. Nearly all Long-Term Holders are still in profit. Historically, when LTHs experience persistent losses which grow in severity, it has often marked the true end of a cycle. For now, that\u2019s not the case. <a href=\"https:\/\/t.co\/Hwu5E6hNm3\">pic.twitter.com\/Hwu5E6hNm3<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877745474079178804?ref_src=twsrc%5Etfw\">January 10, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Almost all LTHs remain in profit. Historically, when these market participants experience persistent losses that grow in severity, it has often signalled the end of a cycle. For now, that is not the case,&#8221; they stressed.<\/cite><\/p><\/blockquote>\n<p>Glassnode also noted a rising share of supply controlled by &#8220;new investors&#8221;. Coins younger than three months now account for 49.6% of &#8220;network liquidity&#8221;. At the peaks of the 2018 and 2021 cycles, this figure reached 85% and 74%, respectively.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The percentage of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> wealth held by new investors (coins aged < 3m) has surged, now representing 49.6% of the network liquidity.\n\nThis infers that mature investors have meaningfully distributed coins across the uptrend, with new demand absorbing the sell-side pressure. <a href=\"https:\/\/t.co\/1qX9EuVgGA\">pic.twitter.com\/1qX9EuVgGA<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1877763363796562264?ref_src=twsrc%5Etfw\">January 10, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;This means that experienced investors have materially distributed coins throughout the uptrend, while new demand is absorbing sell-side pressure,&#8221; the experts explained.<\/cite><\/p><\/blockquote>\n<p>Technical analyst Ali Martinez <a href=\"https:\/\/x.com\/ali_charts\/status\/1877765742700945531\">agreed<\/a> with the researchers. He noted that spikes in distribution &#8220;have historically correlated with local or market tops&#8221;.<\/p>\n<p>Earlier, Glassnode analysts observed a fading of &#8220;speculative dynamics&#8221; in bitcoin futures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even with prices about 12% below ATH, long-term holders of the first cryptocurrency (LTHs) are still distributing, but at a slower pace, Glassnode analysts wrote. Even at prices about 12% below ATH, #Bitcoin Long-Term Holders (LTHs) are still distributing, but at a slower rate. Yet, the 30-day percent change in LTH supply suggests that the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1273,1658,1145],"class_list":["post-20227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-glassnode","tag-hodling","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20227"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20226"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}