Bitcoin’s failure to regain the highs it lost in the past few months may have forced many long-term holders to sell their bitcoin holdings for a profit. .
On-chain Glassnode data analyzed by CryptoSlate shows the Revived Supply 1+ Years metric has been on the rise recently. The Revived Supply 1+ Years metric measures “the total amount of coins that return to circulation after being untouched for at least one year.”
Selling of long-term holders (LTH) is a sign of surrender and usually occurs at the bottom of the market as this cohort of holders (over 6 months) is the strongest. The last time the group sold at the current rate was in June, when Bitcoin fell to around $17,600.
According to on-chain data, as of last week, holders over 1 year had sold 50,000 BTC, holders over 2 years sold nearly 40,000 BTC, and holders over 3 years sold nearly 30,000 BTC. for sale.
Over the past two months when bitcoin has traded in a range around $19,000, the asset has not had a sudden price move to break the current range. The fact that these holders are selling in a relatively calm market indicates that current prices only benefit long-term diamond holders.
This indicates a conscious decision to sell while LTH is still able to make a profit as the market does not appear to be agitated. On the other hand, the current lack of volatility is bad for price speculators and traders.
But with muted volatility, Hodler’s base is even stronger. For them, this is a welcome development after his first seven months of extreme volatility this year.
However, not all LTHs sell profitably. CryptoQuant We have seen a large number of recent long-term holders, i.e. 6- to 18-month holders, have been sold in large numbers. Most of the holders in this cohort bought bitcoin during the bull market and are selling at a loss.
