2024-01-13 18:36:16
The attitude of the majority of Bitcoin holders is shown quite well by the metric, according to which 57% of the total BTC supply has not moved for at least two years. As the director of Capriole Investment X from his post it turned out that this number is actually a historical peak, this rate has been this high for a long time. By the way, this huge population is part of the even larger “long-term holder” (LTH) group. The latter are those who have kept their coins for at least 155 days without moving them. It is a statistical fact that the longer a holder holds their coins without moving them, the less likely they are to move them at any time.
What does the growing LTH population mean for the BTC exchange rate?
The entire LTH population represents the more stubborn, fanatical part of the BTC market. However, those who have been “sitting” on the coins for more than 2 years are the true maximalist investors. As you can see in the chart, the amount of BTC held by such holders has been steadily increasing for some time, especially since the FTX crash. The growth has not always been strong, but the fact is that it is now almost 60%. This also means that this part of the entire offer is not available to the market. Which can have a price-inflating effect, as we have seen before with such trends.
And the recent approval of Bitcoin spot ETFs in the US could be a further supply shock. After all, you can attract additional bitcoins from the market. And the other diagram in the article shows that the amount of BTC in the wallets of the centralized exchanges has decreased in the last few days.
Currently, 12% of the total supply is in such wallets. This is the part of the supply that is most active in the market in sales and purchase transactions. So if it also goes down, it could really put a lot of pressure on the price of the biggest cryptocurrency.
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