Bitcoin

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 BTC supply dynamics show all-time high percentage ownership by long-term holders, and Bitcoin investors should "do the math" as a result, analysis says.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) is becoming scarcer than ever — if you are a BTC price speculator or new to the market.</p>
 <p>The latest data from on-chain analytics firm Glassnode shows a record portion of the available BTC supply is locked up in <a rel="noopener noreferrer nofollow" title="long-term" href="https://thebittimes.com/tag/long-term.html">long-term</a> storage.</p>
 <h2 id="bitcoin-long-term-holder-presence-beats-all-time-highs">Bitcoin long-term holder presence beats all-time highs</h2>
 <p>At more than 76%, Bitcoin’s <a rel="noopener noreferrer nofollow" title="long-term" href="https://thebittimes.com/tag/long-term.html">long-term</a> holders (LTHs) control more of the BTC supply than at any point in history.</p>
 <p>Despite the supply increasing with every block, in percentage terms, the low-time preference Bitcoin <a rel="noopener noreferrer nofollow" title="investor" href="https://thebittimes.com/tag/investor.html">investor</a> cohort has a record market presence.</p>
 <p>As noted by Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, the achievement marks a first in Bitcoin’s lifespan.</p>
 <p>“A record 76.2% of the Bitcoin network is locked up with <a rel="noopener noreferrer nofollow" title="long-term" href="https://thebittimes.com/tag/long-term.html">long-term</a> holders today,” he wrote on X on Oct. 18.</p>
 <blockquote>
  “Topping the record set in 2015. Less liquid supply means the same people are bidding on less coins. You do the math.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/19/8715f2124b988ae38efdd2b618a62d13.webp">
  <figcaption style="text-align: center;"><em>Bitcoin long-term holder (LTH) % BTC supply share chart. Source: Charles Edwards/X</em>
  </figcaption>
 </figure>
 <p>Edwards referenced the knock-on effect of the LTH record — that coins available for other market participants are getting rarer.</p>
 <p>An accompanying Glassnode chart shows LTHs increasing their BTC exposure dramatically from mid-2021 onward, “hodling” through the entirety of the subsequent bear market. Only during brief periods since has the percentage supply that they control decreased.</p>
 <p>In private comments to Cointelegraph, meanwhile, Edwards added that while demand for Bitcoin itself fluctuates, the trend trajectory is clear.</p>
 <p>"I don't mean demand is the same as 2015. I mean that for the same given demand, and a reduced supply means price must go up (supply/demand economics)," he explained.</p>
 <blockquote>
  "But in reality demand has increased quite a lot since 2015, so it should put even more upward pressure on price for this cycle. We have never had Bitcoin's supply this constricted going into a halving."
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 <h2 id="btc-speculators-stay-on-the-sidelines">BTC speculators stay on the sidelines</h2>
 <p>As Cointelegraph reported, the opposite end of the spectrum to LTHs — short-term hodlers (STHs), or speculators, are also of major interest to market observers.</p>
 <p><strong><em>Related: BTC price models hint at $130K target after 2024 Bitcoin halving</em></strong></p>
 <p>The realized price of the STH cohort has functioned as support during much of this year, and this week, fresh data shows that the trend remains in play.</p>
 <p>The STH realized price — the price at which all STH-owned coins last moved — sits at just below $27,000, and BTC/USD breaking above it this week is an important bullish impetus, <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> says.</p>
 <p>Data from Cointelegraph Markets Pro and TradingView shows Bitcoin holding $28,000 support after hitting two-month highs.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/19/856effcc7bbc8a2ae79f8dcd445922c9.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-day chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p>In August, meanwhile, the historically low BTC exposure among STH entities was already on the radar.</p>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hodling-hard-bitcoin-s-long-term-investors-own-over-76-of-all-btc-for-the-first-time-tbt66955.html">https://thebittimes.com/hodling-hard-bitcoin-s-long-term-investors-own-over-76-of-all-btc-for-the-first-time-tbt66955.html</a></p>

Hodling hard: Bitcoin's long-term investors own over 76% of all BTC for the first time

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