The latest weekly report from Glassnode revealed that long-term Bitcoin (BTC) holders have reached several years of highs and that the markets are not yet saturated with profit taking.
According to a November 22 report from analyst provider Glassnode, these long-term owners (LTH) are cutting spending while continuing to build their positions.
The analysis examined the area of high volume life (SVAB) used to determine the age of coins that dominate the currents in the chain on a given day. According to Glassnode, this calculation can be used to decide when to start making a profit or collecting it.
Static consumption of coins older than one month began in November 2020 and ended between April and May 2021. The SVAB counter is now down to 2.5% of daily volume after a coincident rally to a record high for BTC in October. Glassnoud notes:
“This can reasonably be interpreted as long-term owners cutting their costs and therefore more likely to increase instead of going out of positions.”
Glassnode also notes that the total supply of short-term workers (STH) is at a multi-year low, just under 3 million BTC, which in turn means that the number of short-term employees is at a multi-year high.
The report states that “STH’s offer at such a low level, while the price is close to ATH, is a relatively unique case”.
Although short-term owners have taken profits at “historic” highs and even broke through last week’s lowest levels, the market is still “too saturated with profit-taking.”
The results indicate that there are few signs of serious surrender so far, and the bulls may have to run again before this cycle ends.
Related: Analysts identify bulls and bear scenarios when Bitcoin falls below $ 56,000
On October 12, the Cointelegraph reported that long-term owners had 13.3 million BTC, worth $ 754 billion at the time, despite having had no churns for more than five months.
On November 22, Chinese journalist Colin Wu tweeted in response to a post that the number of headlines that were not zero also reached a record high. This indicates that the rollout and rollout are still taking place, although assets fell 18% from the mid-October peak of $ 69,000.