Long-term holders show signs of bullishnessBitcoin’s recovery comes as selling pressure among Long-Term Holders (LTHs) — wallets that have held Bitcoin for at least 155 days — begins to wane. The Binary Spending Indicator, a metric used to determine when LTHs are spending a significant proportion of their holdings in a sustained manner, shows a slowdown (see chart below) while the LTH supply is also beginning to rebound after several months of decline.“This suggests that there is a greater willingness to hold than to spend coins among this cohort,” Glassnode noted, adding:“This perhaps represents a shift in sentiment, with Long-Term Holder behavior moving away from sell-side distribution".
Despite this decline, long-term holders have continued to hold large amounts of BTC, suggesting a “unique market dynamic moving forward,” new research says.“Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure,” Glassnode said in a March 18 markets report.
Source: GlassnodeBull market tops are often marked by intense sell-side pressure and strong profit-taking among LTHs, which signals a complete shift to bearish behavior. However, despite Bitcoin's drawdown in recent weeks, this investor cohort continues to hold a large portion of their profits, especially for this later stage of the cycle, Glassnode said.
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Author / Journalist: Cointelegraph by Nancy Lubale
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