Raoul Pal
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Bitcoin Bulls Are HODLing Strong Despite Five-month Price High

Its interesting to know that Bitcoin wallets holding for more five months, are currently having $754 billion worth of the asset.

Notably, On-chain analytics provider glassnode shows that long-term Bitcoin holders are refusing to sell. Despite, the BTC markets rallying to a five-month price high.

Furthermore, In its Oct. 11 “Week on Chain” report, Glassnode makes an explanation. Noting that “long-term holders” Bitcoin wallets without outflows for over 155 days, are currently sitting on about 13.3 million BTC. Notably, This is equivalent to 70% of Bitcoin supply.

Also, The report says that long-term holders are increasing their collective bags by more than 2.37 million BTC. Which is of course, roughly $134 billion at current prices in over the past seven months. Additionally, only 186,000 BTC being newly minted by miners during the same period. Therefore, Glassnode concludes that long-term whales are accumulating 12.7 times more Bitcoin. This result is making comparison with the newly created as new supply.

Bitcoin Log-Term

However, long-term holders are refusing to sell. So, Glassnode explains an uptick in on-chain activity. This records is as Bitcoin’s price pushes up to a local high of $57,860 on Oct. 12.

Furthermore, October is seeing the number of active addresses on-chain increase 19% to 291,00 levels. Of course, this is since the lead up to December 2020’s meteoric bull-trend. Meanwhile, Glassnode explains how the spike in activity can foreshadow upcoming bullish momentum.

“More active market participants have historically correlated with growing interest…”
“in the asset during early stage bull markets.”

Also, The report dictates an increase in median transaction size to about 1.3 BTC per transfer. This represents an increase in institutional-sized capital flows on-chain. Furthermore, During August, the median transaction size declines to as low as 0.6 BTC per transfer.

Lastly, the Bitcoin network reclaims its highest ever daily value settlement of $31 billion.

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