Holders of Bitcoin oriented on a long-term horizon are characterized by the fact of hold BTC for a minimum of 155 days. These wallets now control three-quarters of the circulating supply of the ecosystem’s largest cryptocurrency by market capitalization.
This one exceeding the bar of $565.66 billionwhile the unit price of Bitcoin is currently located at $29,102.35which corresponds to a decrease of 2.68% compared to the previous day’s figures according to CoinMarketCap.
According to a report recently published by Glassnodea media specializing in blockchain data analysis, the balance held in wallets oriented to a long-term horizon increased by 62,882 BTCwhich is the equivalent of a little more than $1.83 billion. This to reach an exceptional amount of 14.52 million BTC this month, surpassing the previous all-time high of 14.48 million BTC registered on May 21.
As a result of this new high, long-term oriented holders now own three-quarters of the circulating supply of Bitcoin, the latter now amounting to almost 19.437 million BTC. Note that circulating supply is a term that refers to the total number of tokens that are actively available for trading in the market.
The flow rate to wallets controlled by illiquid entities, or network participants with little or no record of spending, also remains high. This item suggests that the accumulation trend should continuewith in particular a weakening of the pressure exerted by sellers on the market.
It is a phenomenon that involves the arrival of a bullish phase for Bitcoin in the more or less near future. Also according to Glassnode observations, the number of BTC held by illiquid entities has recorded a dramatic increase of over 90,000 BTC only during the month of July.
Source : Glassnode