Long-Term Bitcoin Holders Avoid Panic Selling…Details Here
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Answer Long-Term Bitcoin Holders Avoid Panic Selling…Details Here
After Bitcoin touched an all-time high of $69,000 on November 10, Bitcoin has seen a major correction over the past few days.
Bitcoin price is down almost 20% this week and reached as low as $55,700.
However, major bitcoin holders remain positive about bitcoin’s future.
Data published by Glassnode shows that long-term bitcoin holders avoided panic selling during the recent market correction.
Long-term bitcoin holders still hold over 13.4 million bitcoins, just 100,000 from an all-time high of 13.5 million bitcoins.
That’s just 3% of the total supply that long-term bitcoin holders hold at a loss.
In terms of short-term owners, the people who bought the cryptocurrency around the recent peak suffer the majority of losses.
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clarified Glassnode:
When the bitcoin market experiences a major selloff, a change in profitable supply indicates the number of coins that have a cost basis on the chain above the current price.
Since the top, more than 17% of the supply of Bitcoin has fallen, leaving 83% of the supply in profit.
However, even after correcting nearly 20% from its all-time high, long-term contract holders do not appear to be spending their cryptocurrencies in a panic.
After peaking at 13.5 million bitcoins, long-term bitcoin holders have distributed just 100,000 bitcoins over the past month, which is just 0.7% of their total holdings.
Bitcoin recovery:
After dropping around 20%, the bitcoin price has rebounded rapidly over the past 24 hours.
Cryptocurrencies jumped more than 8% in a single day.
While short-term holders remain unsure about future bitcoin price movements, it appears that long-term bitcoin holders are willing to at least hold their cryptocurrency according to Glassnode data.
As a percentage of supply (excluding trading platforms), the vast majority of long-term Bitcoin holders remain profitable, with 78.7% of Bitcoin profiting.
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Only 3% of the supply is held by long-term bitcoin holders at a loss.
Glassnode added that the people who bought the top currently hold the majority of all bitcoin at an unrealized loss.
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