According to Glassnode’s estimations, long-term holders (LTHs) of bitcoin currently own 14.52 million BTC, an all-time high, leaving just 25% for short-term holders and speculators.
The accumulation spree comes despite the fact that BTC’s price has stayed relatively flat in the past month, ranging between approximately $29,000 and $31,000.
The updated figures, presented by the blockchain data provider Glassnode, showed that bitcoin investors who have been part of the ecosystem for at least 155 days hold 14.52 million BTC of the current supply of almost 19.5 million BTC.
LTHs have gradually increased their possessions over the last month even though the USD valuation of the leading digital asset had stalled at around $30K.
BTC LTHs Supply, Source: Glassnode
On the other hand, the high enthusiasm could be explained by the numerous applications coming from finance behemoths, such as BlackRock, Invesco, WisdomTree, VanEck, and others, all of which filed to launch a spot BTC ETF in the US over the past several weeks.
It is worth mentioning that LTHs have not always increased their holdings during predominantly bullish times. They accumulated a significant portion of BTC between the summer of 2022 and the end of last year.
Recall that bitcoin’s price crashed below $16,000 in that period, as multiple collapses of once-prominent crypto firms worsened the crisis.
The demise of Celsius Network and Three Arrows Capital (3AC) are some examples, while the meltdown of FTX received a global backlash.
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