Bitcoin
BTC$38 049.07

0.02%

Ethereum
ETH$2 092.71

2.58%

Tether
USDT$1.000142

0%

Binance Coin
BNB$229.06

0.07%

XRP
XRP$0.610783

0.30%

Solana
SOL$60.78

0.53%

Long-term Bitcoin bulls hodl strong despite five-month price high


12 Oct 2021

#Bitcoin

Bitcoin wallets that haven’t seen outflows for more than five months and are currently sitting on $754 billion worth of the asset. On-chain analytics provider Glassnode reported that long-term Bitcoin (BTC) holders are refusing to sell despite the BTC markets rallying to a five-month price high. In its Monday “Week On-chain” report, Glassnode noted that “long-term holders” — BTC wallets that have not seen outflows for more than 155 days — are currently sitting on nearly 13.3 million BTC or 70% of Bitcoin’s supply.

The report notes that long-term holders have increased their collective stash by more than 2.37 million BTC (roughly $134 billion at current prices) over the past seven months. With only 186,000 BTC being newly minted by miners during the same period, Glassnode concluded that long-term whales are accumulating 12.7 times more BTC than is created. Despite long-term holders refusing to sell, Glassnode noted an uptick in on-chain activity as Bitcoin’s price pushed up to a local high of $57,860 on Tuesday.

October has seen the number of active addresses on-chain increase 19% to 291,000 — levels not seen since the lead up to December 2020’s meteoric bull-trend. Glassnode suggested the spike in activity could foreshadow further bullish momentum, stating:

“More active market participants have historically correlated with growing interest in the asset during early stage bull markets.” The report also noted an increase in median transaction size to roughly 1.3 BTC per transfer, suggesting an increase in institutional-sized capital flows on-chain. During August, the median transaction size fell as low as 0.6 BTC per transfer.

Last week, the Bitcoin network registered its highest ever daily value settlement of $31 billion. On Tuesday, Glassnode reported that Bitcoin balances on centralized exchanges had fallen to a three-year low of 2.4 million BTC, further evidencing many investors are choosing to hodl for higher prices. Industry observers have suggested that whales could be front-running the BTC markets in anticipation of a Bitcoin exchange-traded fund approval this month.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 92.8% 8 $38 049.07 0.02% 1.93% $744 145 379 651 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.8% 28 $2 092.71 2.58% 1.36% $251 622 486 305 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000142 0% -0.01% $89 364 450 067 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 84.8% 26 $229.06 0.07% -2.46% $34 747 597 030 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 82% 34 $0.610783 0.30% -1.73% $32 914 217 020 XRP 7 days price change
6 Solana (SOL) SOL Solana predictions 62.4% 81 $60.78 0.53% 6.04% $25 777 804 384 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999928 0% -0.01% $24 545 113 731 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.6% 44 $0.379472 -0.47% -4.04% $13 398 412 920 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74.8% 45 $0.083974 3.08% 8.82% $11 928 499 834 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 83.6% 21 $0.103650 0.33% 1.48% $9 176 911 207 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 86.4% 24 $0.102253 -0.90% 0.14% $9 053 243 756 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 81.2% 28 $2.42 -0.79% -0.78% $8 316 953 697 TON 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 57.6% 90 $22.32 4.25% 7.56% $8 148 348 255 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 70.8% 55 $14.61 -0.07% 1.52% $8 132 814 301 LINK 7 days price change

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