Bitcoin

Arkham

Planet

Stash

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 Long-term cryptocurrency investors are relentlessly accumulating Bitcoin, thus driving the token’s supply scarcity and illiquidity, says blockchain intelligence firm <a style="color: #0000ff;" href="https://studio.glassnode.com/home" rel="noopener noreferrer nofollow">Glassnode</a>.
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In its latest weekly report, the blockchain analytics firm published that data shows “HODLers,” investors with wallets holding Bitcoin for over 155 days, are stashing an average of 50,000 BTC worth $1.35 billion every month.
According to the data, the collective stash of these long-term investors has recently reached a new all-time high, accumulating over 14.85 million BTC, which constitutes about 76% of Bitcoin’s circulating supply.
Glassnode claimed that this unusual increase in holdings by long-term investors reflects their reluctance to spend or trade their Bitcoin.&nbsp;
When a significant portion of the supply is held by these long-term HODLers rather than actively circulating, markets tend to become more illiquid and prone to volatility.
With more than three-quarters of all Bitcoin deemed illiquid and in the hands of patient HODLers, the market becomes vulnerable to significant price movements when institutional investments or changes in sentiment occur.
These data insights underscore the consistent bullish sentiment among long-term cryptocurrency believers accumulating Bitcoin for multi-year holding, even in the face of recent downward price trends. Their ongoing accumulation steadily diminishes the available liquid supply. This is reflected in the year-over-year decline in Bitcoin supply held on exchanges.
<figure id="attachment_11355" aria-describedby="caption-attachment-11355" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" loading="lazy" class="size-full wp-image-11355" src="https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07.png" alt="Bitcoin ‘HODLers’ Stash Over 50k BTC Per Month, Propelling Supply Scarcity" width="2124" height="1118" srcset="https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07.png 2124w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-300x158.png 300w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-1024x539.png 1024w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-768x404.png 768w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-1536x808.png 1536w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-2048x1078.png 2048w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-1320x695.png 1320w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-600x316.png 600w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-750x395.png 750w, https://defi-planet.com/wp-content/uploads/2023/10/Screenshot-2023-10-11-at-15.10.07-1140x600.png 1140w" sizes="(max-width: 2124px) 100vw, 2124px">
 <figcaption id="caption-attachment-11355" class="wp-caption-text">
 source: <a style="color: #0000ff;" href="https://markets.chainalysis.com/?range=90" rel="noopener noreferrer nofollow">markets.chainalysis.com</a>
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In August, reports surfaced that Robinhood held over $3 billion worth of Bitcoin in a single wallet, making it the third-largest holder of Bitcoin. According to <a style="color: #0000ff;" href="https://platform.arkhamintelligence.com/explorer/address/bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2" rel="noopener noreferrer nofollow">Arkham intelligence</a> data, the exchange was trailing only Binance and Bitfinex.
Similarly, as per data from Arkham Intelligence and Buy Bitcoin Worldwide, other significant Bitcoin holders in the world include Binance (248,597 BTC), Bitfinex (178,010 BTC), and the infamous Mt. Gox (79,957 BTC), among others.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/10/hodlers-stash-50000-btc-monthly-drive-bitcoin-illiquidity-glassnode-reports/">HODLers Stash 50,000 BTC Monthly, Drive Bitcoin Illiquidity, Glassnode Reports</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

HODLers Stash 50,000 BTC Monthly, Drive Bitcoin Illiquidity, Glassnode Reports

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