Summary
- Bitcoin long-term holders have sold 1 million BTC since September, leading to a market correction.
- According to Glassnode data, the Bitcoin holdings of long-term holders have decreased from 14.2 million BTC to 13.2 million BTC.
- Despite the selling by long-term holders, there is a lack of new buyers, meaning demand is not keeping up with supply.
An analysis has emerged suggesting that long-term investors who held Bitcoin (BTC) for over 155 days have realized profits, leading to a market correction.
On the 20th (local time), cryptocurrency specialist media CoinDesk cited data from the on-chain analysis platform Glassnode, reporting that "the Bitcoin holdings of long-term holders (LTH) who held for over 155 days have decreased from 14.2 million BTC in mid-September to 13.2 million BTC currently."
According to the data, long-term holders sold a whopping 70,000 BTC following the hawkish remarks by Chairman Powell last Thursday, marking the fourth-largest daily sell-off by long-term holders this year.
The media explained, "Although the selling pressure from long-term holders continues, there is a lack of new buyers to absorb it. Demand is not keeping up with supply."
YM Lee
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