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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Diamond Hands: Long-Term Holder Supply Surges Up To Near ATH

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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Data shows the Bitcoin long-term holder supply has surged up recently to near all-time high values as these “diamond hands” add to their holdings.

Bitcoin Long-Term Holder Supply Jumps Up By 250k BTC After The Recent Low

According to the latest weekly report from Glassnode, the current total balances of the long-term holders is only 30k away from the ATH.

The “long-term holders” (or LTHs in short) is a Bitcoin holder group that includes all those investors who have been holding onto their coins since at least 155 days ago, without having sold or moved them.

Generally, the longer holders keep their BTC still, the less likely they become to sell them. Because of this, LTHs are the less likely investor group to sell at any point.

The opposite cohort is the “short-term holders” (STHs), who have had their coins in their wallets for less than the 155-day mark.

Now, the “LTH supply” is a measure of the total number of coins currently sitting in the wallets of the investors belonging to this group.

Related Reading: Old Bitcoin Supply Moves Into Derivatives, Whales Setting Up Long Positions?

When the STH supply matures enough and reaches the threshold, these coins are then naturally included in the LTH supply.

Here is a chart that shows the trend in the Bitcoin LTH supply over the past couple of years:

Bitcoin Long-Term Holder Supply

Looks like the value of the metric has been going up in recent days | Source: Glassnode's The Week Onchain - Week 36, 2022

As you can see in the above graph, the Bitcoin LTH supply had been on a decline since the ATH and hit a low just a while back.

However, during the last few weeks, the indicator’s value has observed an uplift. Since the low, LTHs have added around 250k BTC onto their holdings.

Related Reading: $500 Million In Bitcoin Shorts Pile In As BTC Price Sits Below $20,000, Will They Get Squeeze?

The report notes that the 155-day threshold puts the minimum acquisition period for these investors to be counted as LTHs to be before the LUNA crash.

Due to this, the report thinks it’s possible the supply of these hodlers will stagnate over the next month, or even until mid-October, where the threshold will have then shifted to the post-selloff period.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.8k, down 1% in the last week. Over the past month, the crypto has lost 14% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

The value of the crypto seems to have not moved much in the last few days | Source: BTCUSD on TradingView
Featured image from Aleksi Räisä on Unsplash.com, charts from TradingView.com, Glassnode.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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