Data: Since November 2023, long-term holders have reduced their holdings by about 300,000 BTC, more than half of which is outflow from GBTC
According to analysis data from Glassnode, since the supply peaked in November 2023, long-term holders have sold approximately 300,000 BTC. More than half of this is outflow from GBTC. In addition, Bitcoin's increase has reached +130% over the past 12 months and exceeded +207% since its low point in November 2022. The current trading price is only -28.6% lower than its all-time high. As the market gets closer to the highs of 2021, there are fewer and fewer Bitcoins supplied at a cost higher than this level. Given that GBTC has experienced an outflow of funds worth about 151,500 BTC, it indicates that the remaining supply of around 148,000 BTC by long-term holders can be attributed to investors selling off their holdings; this may suggest a shift in investor behavior as some coins have been sold and profit-taking begins to increase.(Note: Long-term holders refer to those wallets that have held Bitcoin continuously for more than 155 days.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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