Despite the market downturn, long-term holders are still increasing their investments in the hope that Bitcoin price will soon return to the $30,000 mark.
Bitcoin price increases when the number of holders reaches ATH
Bitcoin price has been consolidating for some time, surpassing the $27,000 threshold and currently trading at $26,932. It is slowly approaching the $30,000 mark, despite bearish expectations.
Reflexivity Research co-founder Will Clemente shared the chart produced by Glassnode, a blockchain data and market intelligence company, in an X (formerly Twitter) post on Thursday (September 28).
The chart reveals data on long-term holders (LTH) and short-term holders (STH) as well as data on Bitcoin’s circulating supply and adjusted supply.
Clemente stated that 76.09% of the total Bitcoin supply is now owned by long-term holders, reaching an all-time high (ATH).
This revelation highlights the growing resilience and strong belief of crypto investors in Bitcoin as a store of value compared to other cryptocurrencies in the industry.
According to Glassnode data, short-term Bitcoin holders are more likely to make trades to make quick profits in highly volatile markets. While long-term holders typically hold their crypto assets for longer than 155 days, they use a strategy of buy, hold, and patiently wait for a price increase to realize significant profits.
Bitcoin’s growth rate despite bearish signals
The recent positive trend can be attributed to a variety of factors, including the possibility of the U.S. Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF and the launch of Bitcoin Spark, a hard fork of Bitcoin. BTC adoption in different regions of the world has also increased.
The cryptocurrency recorded an ATH in user adoption in Brazil, attracting more than 3 million crypto users in June. A March survey by Ripple and the Real Faster Payments Council It also now shows that Bitcoin adoption could increase by up to 50% by 2025.
Although the Bitcoin price has been subject to wild fluctuations and regulatory scrutiny over the years, its crossing of the $27,000 mark is great news for investors looking to profit from the market. school.