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- Addresses that have held Bitcoins for 155 days or longer are classified as Long-term holders.
- In February, long-term Bitcoin holders were predominant on the network, controlling up to 78%.
According to Glassnode, a blockchain analytics firm, the quantity of Bitcoins possessed by long-term holders has reached a new peak of 14.599 million. Over the past week, these wallets have received an addition of 43,949 Bitcoin, valued at nearly $1.274 billion.
Addresses that have held Bitcoins for 155 days or longer are classified as Long-term holders. Glassnode asserts that historical data suggests these types of addresses are highly unlikely to sell, leading to their common designation as HODLers.
Banking on BTC Rally
Long-term holders possess 75% of the circulating Bitcoins, signifying that investors are opting to retain their assets for the foreseeable future.
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In February, long-term Bitcoin holders were predominant on the network, controlling as much as 78% of the overall supply. Growing confidence in the leading cryptocurrency’s potential as a store of value may still be driving this ongoing trend of long-term holding.
As reported by an on-chain analyst at Glassnode, the historical volatility of Bitcoin has also decreased to unprecedented lows. Historical volatility refers to the extent to which an asset’s price varies over a specific period. The calculation often relies on the difference between two consecutive closing prices.
Source: CoinMarketCap
After peaking above $31,500 in mid-July amid a new wave of Bitcoin ETF applications, the price of the largest cryptocurrency has declined by 4.3% over the past month. As per CMC, Bitcoin is currently trading at $29,052, reflecting a 0.06% increase in the last 24 hours.
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