A study by network analytics provider Glassnode found that nearly three-quarters of bitcoins in circulation recently moved to blockchain when prices were below $ 10,800, indicating that the majority of market participants are long-term carriers.

Glassnode’s 29 – week report on the chain showed that 25.43% of BTC in circulation recently traded between $ 10,800 and $ 58,800. Since Bitcoin traded for only $ 10,800 six months ago, the data shows that one in four Bitcoin in circulation was recently sold in the second quarter of 2020 or the first quarter of 2021.

The report notes that the number of bitcoin bears continues to grow over the long term, as many currencies that have been dormant since the beginning of the current market cycle are classified by Glassnode as long-term holdings or LTHs that have not been moving around the network for some time. Minimum 155 days.

As a result, the number of coins classified as “illiquid display” increased in 2021. Measurement of illiquid screen changes showed that the 30-day supply change transitioned from a liquid or easily negotiable state to an illiquid state. the liquid state representing the HODLED coin.

The report notes that accumulation rates of over 130,000 bitcoins per month have been maintained throughout this beef market.

Glassnode Destructive Currency Days, or CDD, also indicates increased long-term investor engagement, as previous client surveys show that experienced investors will get a similar rate again in 2020 after a sharp increase in earnings between November and January.

“The message we get here is that investors and traders still have to buy in BTC throughout this beef market,” Glassnoud said.

The Bitcoin Hodlewave Indicator, which visually divides Bitcoin’s offerings based on when the coins were last moved up the chain, shows an increase in both long-term and short-term trading in current market conditions.

According to Hodlwaves of Unchained Capital, two-thirds of the Bitcoin offer changed in six months, almost half of which moved in January or February. Almost 5% of the Bitcoin offer has been active in the last seven days.

Source: CoinTelegraph