{"id":51777,"date":"2021-10-26T13:27:48","date_gmt":"2021-10-26T10:27:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51777"},"modified":"2025-09-03T01:35:48","modified_gmt":"2025-09-02T22:35:48","slug":"glassnode-bitcoin-records-fail-to-dent-the-bullish-mood-of-long-term-investors","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/glassnode-bitcoin-records-fail-to-dent-the-bullish-mood-of-long-term-investors\/","title":{"rendered":"Glassnode: Bitcoin records fail to dent the bullish mood of long-term investors"},"content":{"rendered":"<p>The behaviour of long-term Bitcoin holders has not undergone significant changes in the wake of BTC <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-hits-new-all-time-high-above-67000\">new all-time high<\/a>. Analysts at Glassnode concluded as much.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\"><a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> hit a new ATH last week as the first futures ETF launched.<\/p>\n<p>Open interest and volume in the underlying CME contracts increased 265%.<\/p>\n<p>LTHs have taken strategic profits, but most are still waiting for higher prices.<\/p>\n<p>Read More in The Week Onchain<a href=\\\"https:\/\/t.co\/4CFjoAgOCE\\\">https:\/\/t.co\/4CFjoAgOCE<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\\\"https:\/\/twitter.com\/glassnode\/status\/1452666264267247622?ref_src=twsrc%5Etfw\\\">October 25, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The driver of the price records was the <a href=\"https:\/\/forklog.com\/en\/news\/provider-of-the-first-bitcoin-etf-in-the-u-s-seeks-relief-from-trading-limits\">successful start of the first <span data-descr=\\\"exchange-traded fund\\\" class=\\\"old_tooltip\\\">ETF<\/span><\/a> based on digital gold in the United States. Open interest (OI) in Bitcoin futures on the <span data-descr=\\\"Chicago Mercantile Exchange\\\" class=\\\"old_tooltip\\\">CME<\/span>, the contracts they underpin, jumped 265% since the start of October \u2014 from $1.49 billion to $5.44 billion.<a href=\"https:\/\/forklog.com\/en\/news\/provider-of-the-first-bitcoin-etf-in-the-u-s-seeks-relief-from-trading-limits\"> <\/a><\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"590\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/1-575-1024x590.png\\\" alt=\\\"Glassnode: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u043d\u0435 \u043f\u043e\u0448\u0430\u0442\u043d\u0443\u043b\u0438 \u0431\u044b\u0447\u0438\u0439 \u043d\u0430\u0441\u0442\u0440\u043e\u0439 \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432\\\" class=\\\"wp-image-153995\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/1-575-1024x590.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-575-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-575-768x443.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/1-575-1536x885.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/1-575.png 1600w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Interest in the first Bitcoin ETF <a href=\"https:\/\/forklog.com\/en\/news\/proshares-bitcoin-futures-etf-posts-the-second-most-active-debut\">was so strong<\/a> that ProShares, which launched it, had to switch to purchases of long-dated futures.<\/p>\n<p>The sharply widened <span data-descr=\\\"spread between futures price and the asset's spot price\\\" class=\\\"old_tooltip\\\">basis<\/span> contributed to the active opening of shorts in the derivative instrument by <span data-descr=\\\"these structures can simultaneously open longs on the spot market and bet on the return of the basis to 'normal' values\\\" class=\\\"old_tooltip\\\">leveraged funds<\/span>.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Leveraged funds are opening new shorts of CME <a href=\\\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#bitcoin<\/a> futures taking advantage of the widening basis <a href=\\\"https:\/\/t.co\/dVOpO8zP7a\\\">pic.twitter.com\/dVOpO8zP7a<\/a><\/p>\n<p>\u2014 Coinbase Institutional (@CoinbaseInsto) <a href=\\\"https:\/\/twitter.com\/CoinbaseInsto\/status\/1452561002877313025?ref_src=twsrc%5Etfw\\\">October 25, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Skew observations were confirmed by journalist Colin Wu. He noted that the spread between futures and spot prices reached $1,000. According to him, previously something like that had not been observed before.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">According to <a href=\\\"https:\/\/t.co\/6M8Z1C5H3K\\\">https:\/\/t.co\/6M8Z1C5H3K<\/a>, there is a large spread between CME Bitcoin futures and spot prices, which can reach $1,000 at high times. The reason is that with the launch of Proshares Bitcoin futures ETF, its weight in CME Bitcoin futures contract holdings is too large. <a href=\\\"https:\/\/t.co\/KV54oHyGkA\\\">pic.twitter.com\/KV54oHyGkA<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\\\"https:\/\/twitter.com\/WuBlockchain\/status\/1452917864659177483?ref_src=twsrc%5Etfw\\\">October 26, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Not long before Bitcoin&#8217;s all-time high on the perpetual contracts, there was a local extreme in funding rates. This set off a rapid build\u2011up of long positions using leverage.<\/p>\n<p>The subsequent correction brought this metric back to levels seen at the start of September. Analysts warned that, given record open interest, this does not rule out a new wave of price declines to reduce leverage.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"590\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/2-487-1024x590.png\\\" alt=\\\"Glassnode: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u043d\u0435 \u043f\u043e\u0448\u0430\u0442\u043d\u0443\u043b\u0438 \u0431\u044b\u0447\u0438\u0439 \u043d\u0430\u0441\u0442\u0440\u043e\u0439 \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432\\\" class=\\\"wp-image-153997\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/2-487-1024x590.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/2-487-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-487-768x443.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/2-487-1536x885.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/2-487.png 1600w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The number of Bitcoins available to long-term investors over the past two weeks fell by 39,500 BTC. This is a small amount relative to 2.42 million BTC that have flowed into their wallets since the start of the accumulation phase in late March.<\/p>\n<p>With signs of a return to accumulation in recent days, analysts interpreted the observed distribution as an \\&#8221;episode\\&#8221; rather than the start of a trend.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"589\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/3-295-1024x589.png\\\" alt=\\\"Glassnode: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u043d\u0435 \u043f\u043e\u0448\u0430\u0442\u043d\u0443\u043b\u0438 \u0431\u044b\u0447\u0438\u0439 \u043d\u0430\u0441\u0442\u0440\u043e\u0439 \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432\\\" class=\\\"wp-image-153998\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/3-295-1024x589.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/3-295-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/3-295-768x442.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/3-295-1536x884.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/3-295.png 1600w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>The <a href=\"https:\/\/forklog.com\/en\/news\/how-to-spot-entry-points-in-the-crypto-market-using-on-chain-tools\">HODL-waves<\/a> indicator points to a modest uptick in the share of \\&#8221;young\\&#8221; coins as some of the \\&#8221;old\\&#8221; ones are spent. Experts emphasised that this is a characteristic story in the context of new record highs.<\/p>\n<p>Coin Days Destroyed and Average Coin Dormancy metrics, which account for movement of older coins, indicated relatively moderate, rather than extreme, spending by hodlers.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"590\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/4-184-1024x590.png\\\" alt=\\\"Glassnode: \u0440\u0435\u043a\u043e\u0440\u0434\u044b \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 \u043d\u0435 \u043f\u043e\u0448\u0430\u0442\u043d\u0443\u043b\u0438 \u0431\u044b\u0447\u0438\u0439 \u043d\u0430\u0441\u0442\u0440\u043e\u0439 \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432\\\" class=\\\"wp-image-153999\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/4-184-1024x590.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/4-184-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/4-184-768x443.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/4-184-1536x885.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/4-184.png 1600w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Source: Glassnode. <br \/><\/figcaption><\/figure>\n<\/div>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cAs the supply of long-term traders began to recover, the most likely interpretation of the metrics is that the overwhelming majority of coin holders are still waiting for higher prices.\u201d<\/em>, the analysts concluded.<\/p>\n<\/blockquote>\n<p>As reported, from October 16 to 22 investors directed a record $1.47 billion into crypto funds, including <a href=\"https:\/\/forklog.com\/en\/news\/investors-direct-a-record-1-47-billion-to-crypto-funds-in-a-week\">$1.24 billion<\/a> <a href=\"https:\/\/forklog.com\/en\/news\/investors-direct-a-record-1-47-billion-to-crypto-funds-in-a-week\">in two launched Bitcoin ETFs<\/a>.<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The behaviour of long-term Bitcoin holders has not undergone significant changes in the wake of BTC&#8217;s new all-time high, according to Glassnode.<\/p>\n","protected":false},"author":1,"featured_media":51778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,383,1168,1145],"class_list":["post-51777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cme-group","tag-crypto-derivatives","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51777","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=51777"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51777\/revisions"}],"predecessor-version":[{"id":51779,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/51777\/revisions\/51779"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/51778"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=51777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=51777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=51777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}