Blockchain analytics firm Glassnode is weighing in on the supply dynamics of Bitcoin and how long-term holders are reacting to the most recent crypto correction.
In its latest newsletter, Glassnode highlights that hundreds of thousands of BTC have moved hands in the last 30 days as the flagship cryptocurrency lost around 50% of its value from the all-time high of $64,000.
“Over the last month, a total volume of 160,700 BTC has been spent from an illiquid state back into liquid circulation. This provides a gauge of the amount of overhead supply that has re-entered the market after being classified as illiquid by our analytics and heuristics.”
While a huge supply of BTC has entered the market, Glassnode says it represents only a small amount of the Bitcoin that was accumulated since the coronavirus-induced sell-off in March of last year.
“What is important to note is that this 160,700 BTC represents just 22% of the supply that moved