Long-Term Bitcoin (BTC) Holders Doubling Down on Bullish Sentiment, Stashing More Coins in Wallets

Long-term Bitcoin (BTC) holders seem to be doubling down on their bullish sentiment for the crypto king

Bitcoin (BTC) diehards are doubling down on their bullish conviction for the crypto king, showing little concern for the recent market volatility, according to blockchain analytics platform Glassnode.

In a new analysis, Glassnode notes that Long-Term Holders (LTH), defined as addresses that hold coins for at least 155 days, are adding more BTC to their wallets.

“Despite challenging and choppy market conditions, Long-term Bitcoin holders remain remarkably steadfast in their conviction, evidenced by their ramping up of accumulation behavior.”

According to the analytics firm, the reluctance of long-term holders to sell their coins despite Bitcoin’s recent drop to $48,000 earlier this month suggests that investors are expecting new all-time highs for BTC.

“An elevated percentage of Bitcoin network wealth is held by this investor cohort relative to previous cycle ATH breaks, which suggests there is a degree of investor patience on display, waiting for higher prices. Additionally, the lack of panic selling amongst this cohort in lieu of the largest price contraction of the cycle highlights a resilience of their aggregate conviction.”

Glassnode adds that since June, over $22.176 billion worth of BTC have been moved into the hands of long-term holders.

“This cohort has now returned to a preference for HODLing (holding on for dear life), with a total volume of +374,000 BTC migrating into LTH status over the last three months.”

Bitcoin is trading at $59,336 at time of writing, down 2.55% in the last 24 hours.

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