Bitcoin’s correction stage set the lowest level of four months for $ 76,600 on March 11. Despite this decline, long -term holders continue to hold a large amount of BTC and suggest “unique market epidemiology”.
GlassNode said in the March 18 Markets Report: “Long -term holder activities remain greatly conquered with the significant decrease in sales pressure.
Long -term holders show signs of strength.
Bitcoin’s recovery comes from selling the pressure of long -term holders (LTH) (a wallet with Bitcoin for at least 155 days) begins to die.
The binary expenditure indicators, which are used to determine when LTHS spends a significant portion of the retention in a continuous manner, will slow down, while the LTH supply starts to rebound after a few months of reduction.
GlassNode said, “This suggests that there is a greater will than using coins between this cohort.
“This is probably a change in emotion as long -term holder behavior is far from the distribution of sales.”
Bitcoin: LTH expenditure binary indicator. Source: Glass Node
Bull Market Tops often indicates that it gains strong sales pressure and strong profits between LTHS, which signals the complete transition to weaker behavior.
But despite the flaws of Bitcoin in recent weeks, the investor Cohort continues to maintain much of his profits, especially in the second half of the period, GlassNode said.
This suggests that long -term holders are still expecting more BTC prices at the end of the year.
“This interesting observation can develop more unique market mechanics.”
Bitcoin: The cumulative LTH has realized profit. Source: Glass Node
The accumulation of new Bitcoin whales reconstructs the market
According to the cryptoquant data, the new Bitcoin whale, with each coin with 1,000 BTC with an average age of less than 6 months, is actively accumulated.
This shows a strong conviction of Bitcoin’s long -term prospects among new large investors.
The wallet jointly acquired more than 1 million BTCs since November 2024, saying, “We have become one of the most influential market participants.” Cryptoquant Independent Analyst began analysis on March 7.
The chart below shows that in recent weeks, the speed of “accumulating more than 200,000 BTCs this month” has been noticeably accelerated.
“This continuous inflow suggests that the institutional or net value is increased by emphasizing changes in market epidemiology.”
Bitcoin supply by a new whale. Source: cryptoquant
Meanwhile, some encryption executives told Cointelewraph that Bitcoin’s recent drop in price is “normal correction,” and the market has been waiting for a new story and cycle yet.
But not everyone agrees. For example, Cryptoquant founder and CEO KI YOUNG JU said that Bitcoin Bulls are over. He added:
“I look forward to the weakness of 6-12 months or the price behavior.”
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.