Blockchain Data Shows Long Term Holders Hoarding Bitcoin Supply for Potential Bullish Squeeze
On-chain data collected from glassnode shows that Bitcoin's long term holders are currently hoarding 75% of the circulating supply and are continuing to add to their BTC positions.
DETROIT, July 21, 2021 /PRNewswire/ -- Benzinga, a fintech media company providing news and data to retail investors and cryptocurrency traders, publishes its latest data study: Blockchain Data Shows Long Term Holders Hoarding Bitcoin Supply for Potential Bullish Squeeze
Data shows that a select set of Bitcoin wallet addresses tagged by Glassnode as "long term holders" (LTHs) currently control 75% of the circulating supply of Bitcoin. LTHs are once again accumulating Bitcoin. Additionally, the supply of Bitcoin on exchanges is decreasing, lowering the potential sell-side pressure.
Previous Bitcoin bull runs have been ignited by bullish squeezes under similar conditions. In Q3 of 2020, LTHs controlled 80% of the circulating supply. By May 2021, that number had dropped to 66%.
As Bitcoin's price continues to hover around $30,000, long term holders are once again building their dominance in preparation for another potential opportunity to sell at higher prices.
Benzinga regularly conducts data studies and publishes its findings. Read Benzinga Reports: Bitcoin Predicted to Crush Bitcoin's ROI in 2021 for more data like this.
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