Owners Bitcoin :1Most Recent Glassnode Report
Owners of Bitcoin Tighten Their Hold, According to the Most Recent Glassnode Report
The most recent on chain research from analytics company Lassonde shows that, in spite of the continuous market volatility, holding—referred to in the report as “Holing”—behavior is on the rise among players in the bitcoin market, especially long-term investors.
On chain data shows that the pattern is currently returning to accumulation after months of notable distribution pressure.
A Report Reveals That Despite Market Uncertainty, Bitcoin
holders exhibit renewed commitment. The bitcoin (BTC) market is exhibiting early indications of a change from sell-side pressure to a fresh emphasis on accumulation, per Lassonde’s most recent study.
The Accumulation Trend Score (ATS), a crucial indicator of market behavior, has hit its maximum value of 1.0, suggesting significant accumulation activity, according to this week’s enchain report.
According to Lassonde’s research study, “over the last few weeks, this trend is showing early signs of reversing, particularly for the largest wallet sizes which are often associated with ETFs.” “It seems like these big wallets are going back to their accumulation mode.”
The behavior of long-term holders (LTHs), who had substantially sold off their holdings in the lead-up to bitcoin’s all-time high (ATH) earlier this year, is also highlighted in the research. However, according to Lassonde’s research, throughout the last three months, about 374,000 BTC have returned to long-term holding status.
Owners Bitcoin :1Most Recent Glassnode Report
The data shows that despite the recent price volatility, LTHs are choosing to hold onto their assets more and more, which helps to provide a more solid base for the market.
Further evidence that the Long-Term Holder Supply is once again trending upward comes from Lassonde’s enchain statistics, which states:
The LTH cohort is signaling that they would rather hang onto their coins as this indicator has lately returned to positive territory.
Finally, if long-term investors continue to show patience and endurance, Lassonde’s examination of the market’s technical indicators indicates that the current accumulating trend may result in a decrease in volatility.
The research notes that relative to earlier market cycles, the Sell-Side Risk Ratio for LTHs is still low, suggesting that investors are holding off on making any large sells until prices have increased.
This, together with the market’s capacity to hold support close to important levels, highlights long-term investors’ cautious optimism regarding BTC’s potential.
Tuesday, August 13, saw a 2.3% increase in Bitcoin prices, reaching a top of $61,600 per unit at 1 p.m. EDT. Bitcoin has appreciated more than 7% versus the US dollar in the last week.
The CEO and founder of Glasson, Ki Young Ju, revealed insights from cryptoquant.com that are consistent with the company’s newest findings.
Ki Young Ju also pointed out an intriguing trend: over the last 30 days, a sizable portion of bitcoin has transferred into long-term holder addresses.
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