The volume of bitcoins (BTC) among long-term holders has updated the maximum
Date: 2023-08-09 Author: Karina Ziganova Categories: BLOCKCHAIN
Long-term holders control 14.599 million bitcoins (BTC), i.e. 75% of the total supply of BTC. This is stated in the Glassnode report.
According to analysts, over the past week, the total balance of wallets whose owners hold bitcoin for at least 155 days has increased by 43,949 BTC (about $1.268 billion at the time of writing).
Leading on-chain analyst Glassnode, known on Twitter as Checkmate, also pointed to a drop in realized volatility for bitcoin to historic lows.
“Historically, this low volatility is consistent with hangover periods after a bear market (re-accumulation phase),” Checkmate noted.
According to the analyst, Bitcoin remained in a tight range over the weekend, signaling that both bulls and bears are unsure about further momentum. Exiting the range may be accompanied by sharp price fluctuations.
Large investors stopped investing in bitcoin
Bitcoin again recorded a total outflow of $111 million, its highest weekly outflow since March, according to a report from CoinShares. At the same time, the altcoin sector saw growth against the backdrop of outflows in BTC and Ether (ETH) – Solana had the largest inflow of funds totaling $9.5 million.
In just the past week, digital asset investment products have seen outflows totaling $107 million, with earnings rising in recent weeks.
Hundreds of millions of dollars worth of BTC entered the exchanges
A week earlier, on-chain data showed that in one day the volume of exchange deposits of whales reached $275 million. At the end of July, exchange balances replenished by 9406 BTC worth about $275 million. At the same time, most of the bitcoins arrived on Binance in two transactions.
Against the backdrop of the translation, the number of net position changes for long-term investors also recently hit a 1-month low. So, at the end of July, the BTC HODLer Net Position Change indicator was 17,604,723. This indicates that the holders closed their positions and fixed profits, and did not open new ones.
