"Long-term holder selling slows… Bitcoin absorbs a large share of overhead supply"
Minseung Kang
Summary
- On-chain data analytics firm Glassnode said the pace at which Bitcoin (BTC) long-term holders are distributing their holdings has slowed markedly.
- Glassnode said the scale of net outflows from Bitcoin long-term holders is retracing from extreme levels, suggesting the market is gradually absorbing long-term-held supply.
- Glassnode said a substantial portion of the supply that had accumulated overhead has already been absorbed, easing the overhang from overhead sell orders.
An analysis suggests that the pace at which Bitcoin (BTC) long-term holders are distributing their holdings has slowed markedly.
On the 12th, on-chain data analytics firm Glassnode said via X (formerly Twitter) that "the scale of net outflows from Bitcoin long-term holders is retracing from extreme levels," adding that this "suggests the market is gradually absorbing long-term-held supply."
Glassnode added in particular that "there is a strong likelihood that a substantial portion of the supply that had accumulated overhead has already been absorbed." The assessment is that as the market gradually takes in long-held supply, the overhang from overhead sell orders is easing.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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