The number of Bitcoins held by long-term holders has reached a new record. This data could impact the cryptocurrency market overall.
Long-term Bitcoin Holders
Long-term Bitcoin holders, who are investors that have kept their BTC for over 155 days, now own a record 14.7 million BTC. This amount indicates growing confidence in the asset's future. Long-term holders are known for their resilience and low likelihood of selling, especially during periods of volatility.
Dormant Coins Reflect Market Conviction
Interestingly, many of the coins purchased near Bitcoin's recent attempt to break the $100,000 level remain untouched. This points to a strong belief that significantly higher prices are ahead. The long-term goals of these holders may include believing in Bitcoin's future as digital gold or expectations of even higher prices in the upcoming market cycle.
Market Impact of Strong Hands
The presence of long-term holders in the market helps reduce volatility and can act as a stabilizing force. With more BTC locked away by long-term holders, there's less supply available for trading, potentially creating upward pressure on prices if demand rises. This record holding data could be a bullish indicator for Bitcoin's medium-to-long-term outlook.
Overall, the increase in the number of Bitcoins held by long-term holders points to positive market sentiment and confidence in the future of the cryptocurrency.
