الصفحة الرئيسية أخبار العملات Long-term Bitcoin Holdings Surpass $10 Billion

Long-term Bitcoin Holdings Surpass $10 Billion

29 Aug, 2024 أخبار العملات

Long-term Bitcoin Holdings Surpass $10 Billion

Long-term Bitcoin holders have collectively invested a milestone $10 billion in acquiring the cryptocurrency and have slowed their selling as the price retreats from its 2021 all-time highs, according to an analyst.

“For the first time ever, the realized capitalization of long-term holders has exceeded $10 billion,” CryptoQuant contributor Amr Taha noted in an August 27 post.

The realized cap reflects the price at which each Bitcoin was last sold and is "often compared to Market Cap to get a sense of the overall market vibe," according to crypto analytics firm Bitbo.

Long-term holders are defined as those who have held Bitcoin for over 155 days. Taha explained that once holders reach this 155-day threshold, “the likelihood of selling decreases significantly,” making them less prone to selling during short-term market fluctuations.

Since Bitcoin began its 29-day streak of trading below $69,000 on July 30, selling pressure from long-term holders has “decreased 3.7 times,” according to fellow CryptoQuant contributor Axel Adler, who shared this observation on August 27.

At the time of writing on August 28, Bitcoin was trading at $59,404, down 5.47% over the past 24 hours.

The asset has declined slightly by 0.11% over the week after reaching a high of $64,791, according to CoinMarketCap.

Bitcoin's current price is about 8% lower than the average price of $64,490 that long-term holders paid, according to data from ChainExposed.

However, crypto traders believe the price could decline further, causing long-term holders to hold on even longer in anticipation of better profit-taking opportunities.

“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” warned pseudonymous crypto trader Rekt Capital.

Many traders consider $50,000 to be a critical support level, and if it breaks, it could push Bitcoin into a zone of uncertainty.

This follows a June report from Glassnode, which found that approximately three-quarters of all circulating Bitcoin have not moved for the past six months or more.

Sources:

https://cointelegraph.com/news/bitcoin-long-term-holder-10-billion-price-falls-below-60k

https://cryptoquant.com/insights/quicktake/66ce0568a409da60dc779f4b-For-the-first-time-ever-the-realized-capitalization-of-long-term-holders-has-exc

https://glossary.bitbo.io/realized-price/

https://x.com/AxelAdlerJr/status/1828324359557034120

https://coinmarketcap.com/currencies/bitcoin/

https://chainexposed.com/XthRealizedPriceLongTermHolder.html

https://x.com/rektcapital/status/1828561607934275840

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