Crypto intelligence company Glassnode is analyzing the behavior of long-term Bitcoin investors as the leading crypto asset continues to consolidate below $60,000.
In a new tweet, Glassnode highlights to its 193,100 followers the importance of tracking the movement of long-term holders (LTH).
According to the data analytics firm, when long-term holders spend their BTC stash, it is a signal indicating that the boom cycle is nearing its conclusion. While the cohort took profits as Bitcoin rose from $10,000 to over $50,000, Glassnode says that a new batch of long-term holders is accumulating BTC at current levels.
“At 2017 top, LTHs had reduced their holdings from 74% to 58% of circulating supply. Currently, coins accumulated in late 2020 are maturing and LTH-owned supply is actually increasing > 67%.”
Another indicator that Glassnode keeps a close eye on to track the behavior of long-term holders is the coin days destroyed metric, which looks at the value of each