Long-Term Bitcoin Holders Own 80% of the Circulating BTC

The overall volume of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term held by long-term holders has reached an all-time high of 80.5% of the circulating supply, according to the recent data published by Glassnode.

Apart from the record number of coins held by the long-term Bitcoin holders, the BTC Lightning Network Lightning Network The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t Read this Term also saw significant growth during the last week. “Bitcoin Lightning Network metrics continue hitting all-time-highs this week. Lightning Node count hits 15.6k. The total channel count is up to 73k. Channel capacity is up 22% in Sept to 2,904 BTC,” Yann and Jan, Co-Founders of Glassnode, mentioned on Twitter.

During the recent bull market of 2020/21, approximately 12.3% of the circulating Bitcoin supply was accumulated by the long-term holders. The recent data from Glassnode indicates that BTC owners are still not willing to sell their crypto assets.

“We can also see that the relative Bitcoin supply held by Short-term Holders has reached an all-time low of 20% of circulating supply. This is a rare occurrence that has historically described the late-stage accumulation periods of bear markets by the smarter money,” Glassnode mentioned in the report.

Bitcoin Exchange Supply Ratio

The Bitcoin supply on leading digital exchanges has reached its lowest level in more than two years. Several crypto exchanges have seen significant BTC outflows in the last few days. “The exchange net position change metric demonstrates a clear change in character and market preference following March 2020. The market shifted from a regime of dominant inflows to outflows. July to September has been a historically significant period of net outflows, ranging between 80k and 100k BTC/month,” Glassnode highlighted.

Yesterday, Whale Alert highlighted a Bitcoin transaction worth $64 million from digital exchange Binance to crypto wallet Xapo. A BTC whale account moved 1,500 coins on Monday 27 September at 22:03 UTC. Historically, significant outflows from crypto exchange to digital wallets have impacted the price of the world’s largest digital currency positively due to a drop in the liquid supply of Bitcoin.