Insights from crypto analytics firm Glassnode are showing that Bitcoin investors remain unfazed despite the huge drawdown that saw Bitcoin plummet over 50% in May.
Glassnode tells its 324,600 followers that recent on-chain metrics suggest that a lot of BTC swapped hands during the May correction and that long-term holders, or investors who have kept their Bitcoin dormant for at least five months, are not spooked by the volatility.
“The relative supply held by LTH (long-term holders) and STH (short-term holders) tells us an interesting story about Bitcoin:
Over 16.8% of the BTC supply was spent in the last 5 [months] and returned to profit at the recent $52,800 high. Long-term holders now own 79.5% of the BTC supply, equivalent to Oct 2020.
This suggests that many coins changed hands during the recent consolidation in the $29k to $40k range. It also indicates BTC purchased in Q1 to Q2 2021 remain tightly held, with investors unshaken by a