Bitcoin News

Long-term bitcoin investors do not sell their currencies!

Surveys show that some bitcoin addresses have not sold for more than 5 months. The budget of these wallets is estimated at $ 754 billion.

to the Report Coin Telegraph, Glassnode’s in-house analysis shows that although Bitcoin has reached its highest price in five months, people who want to keep it for a long time are not sellers.

The people who want to keep this digital currency for a long time have not sold it for more than 155 days, Glasnood said in a report on October 11 (October 29). Their wallets are worth about 13.3 million bitcoins and make up 70% of the market supply.

According to the report, these investors have increased their shares in the last seven months by more than 2.37 million bitcoins (approximately $ 134 billion at current prices). At the same time, miners were only able to extract 186,000 bitcoins. Glassonood concludes that the stock of whales that want to keep their bitcoins for a long time is 12.7 times larger than the units mined during this time.

With that in mind, Glasnood says intra-chain activity has increased since the price of Bitcoin hit $ 57,850 on October 12.

In October, the number of active addresses within the chain increased by 19% to 291,000. This is unprecedented since the start of the bitcoin uptrend in December 2020. Given the expansion of in-chain activity, Glassonwood predicts that the acceleration of the bitcoin price will continue to accelerate.

Glasnod said:

History has shown that when bullish markets are in their infancy, the number of market participants increases with increasing interest in [سرمایه‌گذاری در] Bitcoin is correlated.

According to the report, the average size of bitcoin transactions has increased to 1.3 units per transfer. This indicates that the activity of large investors in the network has also increased. In August, the average transaction size dropped to 0.6 bitcoins per transfer.

One day last week, the value of Bitcoin network transactions reached a record high of $ 31 billion.

On October 12 (October 20), Glasnood reported that the stock of concentrated bitcoin exchanges had reached its lowest level in three years, at 2.4 million units. This shows that many investors want to keep their digital currency up to higher prices.

Some digital currency activists believe that the whales have welcomed the approval of Bitcoin exchange traded funds (ETFs) and that this could lead to the growth of the digital currency market.


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