Summary
- It was reported that the supply of Bitcoin long-term holders is decreasing, indicating that they are realizing profits.
- It was explained that short-term holders are helping to maintain the price by absorbing the supply from long-term holders.
- Bitcoin is showing a slight downward trend, trading at $98,982.48.
On the 19th (local time), the cryptocurrency-focused media Cointelegraph reported, citing Glassnode data, that as of that day, the supply of Bitcoin (BTC) held by long-term holders (LTH) was $13.31 billion, a decrease compared to two months ago ($14.23 billion).
The media stated, "During the same period, the BTC price rose from $58,000 to over $100,000, indicating that BTC long-term holders (LTH) are selling to realize profits."
It continued, "Recently, while the supply of long-term holders has decreased, the supply of BTC by short-term holders is increasing," explaining that "this suggests that short-term holders are playing a crucial role in maintaining the Bitcoin price above $100,000 by absorbing the selling pressure from long-term holders."
Meanwhile, BTC is trading at $98,982.48, down 4.46% from the previous day, based on the Binance Tether (USDT) market as of 04:09 on the 20th.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
