Bitcoin 40% Of Way Through Bull Run If This Metric Is To Go By

A pattern in the holdings of the Bitcoin long-term holders may suggest that the current bull run is 40% of the way to completion. Bitcoin Long-Term Holders Have Been Distributing Recently In a new post on X, Glassnode lead analyst Checkmate discussed the recent behavior of the long-term Bitcoin holders. The long-term holders (LTHs) here [...]

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Bitcoin Accumulation: HODLers Are Buying 15,000 BTC Per Month

On-chain data shows the Bitcoin HODLers are currently displaying net accumulation behavior, as they grow their holdings by 15,000 BTC per month. Bitcoin Long-Term Holders Have Been Accumulating Recently According to data from the on-chain analytics firm Glassnode, these investors were previously aggressively distributing during the bear market lows. The HODLers, or more formally, the “long-term holders” (LTHs), make up a Bitcoin cohort that includes all investors that have been holding onto their coins since at least 155 days ago. The LTHs make up one of the two main holder groups in the market; the other cohort is called the “short-term holder” (STH) group and naturally includes only investors that bought their BTC less than 155 days ago. Statistically speaking, the longer a holder owns a coin, the less likely they become to sell it at any point. This means that the LTHs are the more resolute bunch of the two groups, which is why they are called the “HODLers” or the diamond hands of the market. Related Reading: Bitcoin Bearish Signal: NVT Golden Cross Enters Overbought Zone As these investors are an important part of the sector, their movements can be worth tracking. An indicator called the “HODLer net position change” measures the monthly rate at which these investors are buying or selling a net amount of Bitcoin right now. The chart below shows the trend in this metric over the last few years: The value of the metric seems to have been green in recent months | Source: Glassnode on Twitter When the HODLer net position change has a positive value, it means these investors are receiving inflows into their holdings currently. On the other hand, negative values suggest a net number of coins are exiting the supply of the LTHs. As displayed in the graph, the Bitcoin HODLer net position change had a deep red value during the bear market lows that followed the November 2022 FTX crash. This means that the LTHs had been selling during this period. This sharp negative spike has been an exception to the long-term trend, however, as the HODLers have actually been showing an overall strong accumulation behavior over the past couple of years. The last time these investors participated in consistent distribution was during the bull rally in the first half of 2021. From the chart, it’s visible that after the aforementioned brief period of distribution at the bear market lows, the LTHs switched back to accumulation just before the current rally began. Related Reading: This Highly Profitable Bitcoin Cross Has Just Formed Again These diamond hands have continued to add to their holdings throughout the rally so far, showing that they haven’t been allured by the profit-taking opportunity. This can be a bullish sign for the long-term sustainability of the rally. Though, very recently, the monthly amount that they have been adding to their holdings has been trending down. Nonetheless, the indicator’s value still remains positive, as the Bitcoin LTHs are accumulating at a rate of 15,000 BTC per month currently. BTC Price At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week. BTC has seen some heavy fluctuations during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

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Bitcoin’s illiquid supply hits all-time high as hodlers continue to accumulate

Despite Bitcoin recently breaking through the $28,000 resistance level, the crypto market has been relatively flat for the past month. The lack of volatility in the historically aggressive market has been an underlying trend evident in several on-chain metrics. Bitcoin hodlers have been capitalizing on this sideways price movement, continuing the steady accumulation that’s been […]

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Bitcoin liveliness indicates “hodler” behavior during extended price stability

Despite its recent resurgence to regain the 200-week moving average (WMA), Bitcoin’s price has remained within a tight trading range for the past week. BlackRock’s announcement of integrating Bitcoin into their ETF portfolios and Bitwise’s refiling for a Bitcoin spot ETF are significant news that could potentially move Bitcoin’s price. Furthermore, whispers of a “seismic” […]

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Hodlers keep accumulating Bitcoin in wake of US regulation onslaught

Amidst market uncertainty and regulatory crackdowns, Bitcoin's long-term holders have been unfazed, steadily accumulating the digital asset. As a key market sentiment indicator, these investors showcase resilience in the face of chaos. But what happens when we dive into the data, uncovering a dramatic accumulation spike in early May and its correlation with the Coin Days Destroyed 90 metric? Unravel the enigmatic relationship between these metrics and the unwavering faith in Bitcoin's future held by long-term investors...

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Bitcoin Tokens Have Only Been Getting Older This Bull Run, Analyst Reveals

An analyst has explained how the age of the average Bitcoin token has only been getting older during the recent bull run, something that could be bullish for the asset’s price. Bitcoin Average Coin Age Has Been Trending Up Recently In a new post on X, CryptoQuant author Axel Adler Jr has talked about the [...]

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Bitcoin Top Here? What Historical HODLer Selloff Pattern Says

On-chain data shows the Bitcoin long-term holders are selling. Here’s whether the current level of selloff is enough for a price top or not. Bitcoin Long-Term Holders Have Been Selling Big Recently In a new post on X, analyst Ali Martinez has discussed about the historical trend in the holdings of the long-term holders relative to the Bitcoin top. The “long-term holders” (LTHs) refer to the BTC investors who have been holding onto their coins for more than 155 days. The LTHs represent one of the two main divisions of the BTC market done on the basis of holding time, with the other group being known as the short-term holders (STHs). Related Reading: Bitcoin Miners Now In Selling Mode For A Year: Should You Be Concerned? Historically, the latter cohort has proven to contain the weak hands of the market, while the former is made up of the HODLers who barely react to rallies and crashes in the price. As such, selling from the STHs is usually not of any note, but that from the LTHs can be, as it’s not a particularly common event. One way to keep track of the behavior of the diamond hands is through their Net Position Change. The Net Position Change is an on-chain metric that measures the total amount of Bitcoin entering into or exiting out of the LTH cohort. Below is the chart for the indicator shared by the analyst that shows the trend in its value over the history of the cryptocurrency. As displayed in the above graph, the Bitcoin LTH Net Position Change has witnessed a sharp decline into the negative territory in recent weeks, which implies a net amount of supply has been leaving the cohort. This isn’t the first time this year that the indicator has shown this trend, as something similar was also observed back during the first quarter of this year. In the chart, Martinez has highlighted this and the other older instances of this trend occurring. It would seem that the major selloffs from the LTHs have generally coincided with some sort of top in the cryptocurrency. “Interestingly, in 2017 and 2021, their biggest sell-offs occurred right before the final leg up,” notes the analyst. Related Reading: Bitcoin Derivatives Market Heating Up Again: Brace For Impact? Thus, if the current bull market is going to show anything similar, then it’s possible that the current LTH selloff may in fact only be the start of that final leg up that’s going to lead to the cyclical top for Bitcoin. The indicator is also currently not as negative as during the largest red spikes of the 2017 and 2021 bull runs, which could be another indication that the top isn’t in just yet. It only remains to be seen, though, whether the same pattern would repeat this time as well or not. BTC Price Bitcoin is back in all-time high (ATH) discovery mode as its price has just set a new record above the $107,000 milestone. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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Bitcoin On-Chain Indicator Signals Panic Selling At Current Levels Time To HODL?

Bitcoin is showing resilience, holding firm above the $69,000 mark after a slight pullback from recent local highs at $73,600. Following weeks of bullish momentum and nearing its all-time high, BTC has settled just below the critical $73,794 resistance, a key level that, if surpassed, would push the cryptocurrency into price discovery mode.  According to data from CryptoQuant, short-term holders are experiencing a net profit-to-loss of negative 20 BTC, indicating a wave of panic selling among retail investors. This type of behavior, often driven by fear, uncertainty, and doubt (FUD), can precede a significant price surge as stronger hands accumulate BTC at lower prices. Related Reading: Analyst Exposes Ethereum Ascending Support At $2,400 Best Chance To Accumulate ETH? Historically, similar sell-offs by retail investors have been followed by renewed upward momentum as longer-term holders seize the opportunity to enter or reinforce their positions. If Bitcoin can maintain support above $69,000, the odds of a breakout past its all-time high increase substantially.  Market watchers are now closely monitoring the resistance level, as surpassing it could trigger a wave of buying interest and push BTC into new highs. The coming days may prove crucial, setting the stage for Bitcoins next big move. Bitcoin Weak Hands Selling Bitcoin recently attempted a breakthrough to new heights but failed to breach its all-time high of $73,794, entering a consolidation phase as the market eyes key events: next weeks U.S. election and the Federal Reserves anticipated interest rate decision.  CryptoQuants recent data, shared by analyst Axel Adler on X, points to a noteworthy trend among short-term BTC holders. The net profit-to-loss ratio for these holders shows a negative balance of -20 BTC, indicating a wave of panic selling following Bitcoins struggle to establish new highs. This sell-off among short-term investors, who tend to react more quickly to market volatility, suggests some caution amid uncertainty. Adler emphasizes that in such turbulent times, a long-term HODL (hold on for dear life) approach can be the most beneficial strategy. Holding strong through market noise has historically rewarded BTC investors who keep their positions intact during periods of retracement and heightened volatility.  With Bitcoin’s all-time high in sight, a successful breakout would likely signal the beginning of a broad market bull run. The coming days are critical as Bitcoin sits at a pivotal point in its cycle, balancing between strong consolidation and the possibility of explosive growth.  Related Reading: Bitcoin Open Interest Reduced By $2.1 Billion In 24 Hours Time For Spot To Push The Price? The influence of the Federal Reserves decision on interest rates, paired with potential election outcomes, could create the market conditions needed for BTC to push past its all-time high. If this level is breached, it would not only affirm a bullish outlook for BTC but likely set off a rally across the entire cryptocurrency market.  BTC Holding Above Key Support Bitcoin is currently trading at $69,620 following a retrace from its recent high near $73,600. Despite this pullback, bulls remain in control as BTC holds firmly above the crucial $69,000 support levela price point that acted as resistance since late July. This level has now transformed into strong support, bolstering bullish sentiment in the market. If Bitcoin holds above $69,000, a renewed push above all-time highs seems likely. Breaking this resistance would propel BTC into uncharted territory, potentially sparking a fresh wave of bullish momentum and price discovery. However, if the price dips below this mark, it could signal a need for a more significant correction to gather enough buying power for the next move up. Related Reading: Dogwifhat (WIF) Prepares For A Bullish Breakout Analyst Sets $3 Target The $69,000 level serves as a key indicator of market confidence, as losing it would imply that BTC might temporarily seek lower support levels to attract new buyers and stabilize before another attempt at new highs. For now, Bitcoins price structure remains strong, and as long as this support holds, the market anticipates further upside momentum in the coming days. Bulls are closely watching this level, as it may define the next phase of Bitcoins bull run. Featured image from Dall-E, chart from TradingView

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