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Three-Quarters of the Circulating Bitcoin Last Traded for Less than $10,800

Summary:
According to a study by on-chain analytics provider Glassnode, almost three-quarters of the circulating Bitcoin (BTC) was moved on the blockchain while trading below ,800. This shows that most of the market participants are long-term investors. According to Glassnode’s A Week of the Chain report released on March 29, 25.43% of BTC in circulation most recently changed hands between ,800 and ,800. Considering that Bitcoin last traded at ,800 six months ago, it turns out that a quarter of the BTC in circulation changed hands in the second half of 2020 or the first half of 2021. According to the report, the number of long-term Bitcoin investors is steadily increasing. Glassnode classifies cryptocurrencies that have not been moved on the chain for at least 155 days as long-term

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According to a study by on-chain analytics provider Glassnode, almost three-quarters of the circulating Bitcoin (BTC) was moved on the blockchain while trading below $10,800. This shows that most of the market participants are long-term investors.

According to Glassnode’s A Week of the Chain report released on March 29, 25.43% of BTC in circulation most recently changed hands between $10,800 and $58,800. Considering that Bitcoin last traded at $10,800 six months ago, it turns out that a quarter of the BTC in circulation changed hands in the second half of 2020 or the first half of 2021.

According to the report, the number of long-term Bitcoin investors is steadily increasing. Glassnode classifies cryptocurrencies that have not been moved on the chain for at least 155 days as long-term accumulation.

The number of cryptocurrencies entering “illiquid supply” increased in 2021.

Glassnode summed up “Investors have maintained their trust in BTC throughout this bull market.”

The Bitcoin “hodl waves” metric, which classifies BTC supply according to the time they were last moved on the chain, shows an increase in both long-term accumulation and short-term circulation under current market conditions.

According to Unchained Capital’s hodl waves indicator, two-thirds of the Bitcoin supply has changed hands in the past six months, while half of them were most recently moved in January or February. About 5% of the BTC supply has been active in the past seven days.

Three-Quarters of the Circulating Bitcoin Last Traded for Less than $10,800

oHdl waves: Unchained Capital

Bitcoin, which has gained 1.40% value in the last 24 hours, is being traded at $59,011 as of the time of writing.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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