Long-Term BTC Holders Avoid Panic Selling

After touching an all-time high of $69,000 on 10 November, 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 has seen a major correction in the last few days. BTC has dipped by approximately 20% this week and reached a low of $55,700.

However, large Bitcoin holders remained positive about the future of BTC. The data published by Glassnode shows that long-term Bitcoin holders avoided panic selling during the recent market correction.

Long-term BTC holders are still holding more than 13.4 million coins, just 100,000 away from the all-time high level of 13.5 million. Only 3% of the overall supply held by long-term Bitcoin holders is at a loss. In terms of short-term holders, people who purchased the crypto asset around the recent top are suffering the majority of the losses.

“When the Bitcoin market experiences a large sell-off, the change in profitable supply indicates of how many coins have an on-chain cost basis above the current price. Since the ATH, over 17% of the BTC supply has fallen underwater, leaving 83% of the supply in profit. However, even after a near 20% correction (-$13.5k) off the ATH, Long-Term Holders do not appear to be spending their coins in panic. After peaking at 13.5M BTC, LTHs have only distributed 100k BTC over the last month, representing just 0.7% of their total holdings,” Glassnode explained.

BTC’s Rebound

After a drop of approximately 20%, the BTC price has rebounded quickly in the last 24 hours. The digital asset jumped by more than 8% within a single day. While short-term holders remain uncertain about the future price movements of Bitcoin, long-term holders look set to hold on to their digital assets.

“As a proportion of supply (excl. exchanges), the vast majority of LTHs remain in profit, holding 78.7% of BTC in profit. Only 3% of the supply is held by LTHs at a loss. STHs who bought the top currently hold the majority of all BTC at an unrealized loss,” Glassnode added