As a seasoned researcher with a decade-long career studying the crypto market and its intricacies, I can’t help but feel a mix of awe and fascination as I witness Bitcoin’s relentless march towards the $100,000 mark. The strategic moves of Long-Term Holders (LTHs) are not just interesting, they’re downright captivating.
The exciting progress Bitcoin is making towards reaching the predicted $100,000 level is drawing considerable interest within the cryptocurrency sphere. However, it’s not just the rising price that has people talking. Long-Term Holders (LTHs) are taking advantage of this remarkable surge by selling large portions of their Bitcoin holdings and establishing new profit benchmarks in the process.
Over the past few months, large-scale Bitcoin holders (LTHs) have been selling approximately 507,000 Bitcoins, starting from September, signifying a shrewd decision to cash in on increased market interest and demand.
Recently, the daily accumulation of profits among Long-Term Hodlers (LTHs) has reached an unprecedented peak of $2.02 billion, surpassing the levels achieved during the March 2024 bull run. Notably, despite a higher distribution rate compared to March, it appears that the majority of these coins have been held for months instead of years. This suggests a change in spending habits among LTHs.
The Glassnode LTH Liveliness metric, which measures the balance between keeping and using Bitcoin, indicates a surge in activity, suggesting a tendency towards profit-taking. However, it’s worth noting that the overall “Coinday Destruction” level (a measure of how long coins have been held) is still lower than previous highs, implying that most coins being sold were obtained more recently.
For about three months from September through November, large Bitcoin holders (LTHs) have offloaded approximately 549,119 Bitcoins, which accounts for around 3.85% of their total holdings. This selling activity has surpassed the buying spree seen among significant players such as MicroStrategy and recently-approved Bitcoin Exchange-Traded Funds (ETFs).
As an analyst, I’ve observed that the ongoing rally has underscored the crucial part Long-Term Holders (LTHs) play in the price determination mechanism of Bitcoin. With Bitcoin approaching the $100,000 mark, a strong demand and a phase of consolidation might be required to maintain market stability and accommodate the increasing supply in circulation. The forthcoming weeks will reveal whether this significant milestone is achieved seamlessly or if turbulence arises due to profit-taking in the market.
Read More
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- XRP Price Eyes $2 Support Level Amidst Market Correction
- PYTH PREDICTION. PYTH cryptocurrency
- Crypto VC funding roundup: Riot snags over $594m, BVNK raises $50m
- TROTOAR Gallery Bridges Local and Global Art with ‘That’s What’s Up!’
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- OREO Unveils Six New Products for 2025
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
2024-11-27 10:13