Accumulate

Bitcoin

April

<ul> 
 <li>Bitcoin long-term holders accumulate the asset aggressively as they amass 1.01 million BTC in nearly two years.&nbsp;</li> 
</ul> 
<ul> 
 <li>Bitcoin mining competition reaches an all-time high as revenue surges by 40 percent compared to 2018.</li> 
</ul> 
Latest <a href="https://dailyhodl.com/2023/07/05/over-450300000000-in-btc-gradually-amassed-by-long-term-bitcoin-holders-says-analytics-firm-glassnode/" target="_blank" rel="nofollow noopener">report</a> discloses that holders are actively accumulating Bitcoin (<a href="https://www.crypto-news-flash.com/what-is-bitcoin-a-beginners-guide-to-the-worlds-popular-type-of-cryptocurrency/" target="_blank" rel="noopener">BTC</a>) and awaiting future bull runs. This was reported by the crypto analytics firm Glassnode. According to them, long-term holders have for nearly the past two years accumulated 1.01 million Bitcoins. 
Specifically, it took 602 days for this amount of Bitcoin to be amassed. The cohort’s total supply is now 14.47 million Bitcoin. Interestingly, it needs just 20,000 BTC to hit an all-time high. According to Glassnode, holders with less than 1 Bitcoin in their portfolio are purchasing more of the asset. Per month, these “shrimp” holders amass the asset at a rate of 33,400 BTC. Their cohort is currently around 1.33 million BTC. 
It was also observed that only 130 out of 5263 total trading days saw a larger monthly position change. This represents 2.5 percent.&nbsp; 
Another crypto analytics firm IntoTheBlock has observed that 75 percent of Bitcoin traders are currently making money at the spot rate. This disclosure was made when the asset was trading at around $30,000 on June 22. According to the researchers, only 3 percent were at the break even. This means 22 percent of Bitcoin <a href="https://www.crypto-news-flash.com/are-bitcoin-holders-financially-dumb-new-study-explores-investors-financial-literacy/" target="_blank" rel="noopener">holders</a> are in a losing position. 
It was also observed that these investors possibly entered the market when the asset was at its peak. An example is how Bitcoin staged a pullback from its April 2023 high of $31k to $24k. This 20 percent drop in value definitely affected holders who made a late entry into the market.&nbsp; 
The current data has been compared to the 2018 gains when the market was in a bearish mode. Around that period, only 50 percent of the holders were in profit. It can also be argued that the current bearish run is not as bad as the worst phases of all other cycles.&nbsp; 
<h3 id="span-style-font-weight-400-details-on-bitcoin-demand-and-miners-revenue-span">Details on Bitcoin Demand and Miners Revenue</h3> 
Another observation is that about 60 percent of transaction volumes are in profit domination. This is the first time since December 2021 and is believed to be a sign of a shifting sentiment. This also means that the long-term holders are the most likely to make a profit from the asset. 
These holders have owned the coin for at least 155 days. Only 7.88 percent of holders who have possessed Bitcoin for less than 155 days have seen profit. Meanwhile, 67.5 of the long-term holders have unrealized profits.&nbsp; 
Demand for Bitcoin is somewhat low as the average daily profit has been around 13,300 BTC since mid-February. The average daily losses reduced from 20,000 BTC in January to 8,300 BTC last week. The Bitcoin network is said to have a low excitement level as its transaction volume looks the same as the 2018-2019 bearish run. 225,000 daily transactions are also being processed by the network.&nbsp; 
Another interesting observation is that competition among miners is at an all-time high. Bitcoin mining activities have also recovered from the <a href="https://www.crypto-news-flash.com/breaking-bitcoin-news-no-mining-ban-in-china/" target="_blank" rel="noopener">China ban</a> with the hashrate being around 20 percent higher than when the miners were banned. A change has as well been seen in their revenue. 
<blockquote>
 Miners earn] $207,000 per Exahash they apply to the network. This is also 40% more revenue than during the final capitulation event of the 2018 bear market.
</blockquote> 
Bitcoin is currently trading at $30,279.92 after surging by 0.19 percent in the last seven days.&nbsp; 
&nbsp;

Long-Term Bitcoin Holders Accumulate over $450 Billion: Analytics Firm Glassnode Reveals Impressive Trend

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