Long-term Bitcoin holders do not get enough of the record
While the leading cryptocurrency price is looking for stability, long-term Bitcoin holders have set another new record. Analytical provider Glassnode noted the long-term increase. Based on the last few years, long-term BTC holders have reached their highest level. In addition, the lack of sufficient snow saturation brings expectations.
Bitcoin, which has been in a critical turn by closing the last week below 60K, continues its downward movements. The frequency of red candles in recent days confirms the downward movement of BTC. We can also take into account that short-term sales affect the market. At the same time, its excess creates uncertainty in Long/Short transactions that are opened.
In addition to all these developments, long-term Bitcoin holders (LTH) continue to increase their positions. In this process, it is seen that sales are decreasing while positions are increasing. The report that Glassnode shared on November 22nd shows everything.
Metrics are positive for long-term Bitcoin owners
Glassnode's Volume Age Bands (SWABS) Spent on the analysis were examined. This metric gives users the process of making a profit or accumulating it. According to the SWAB metric, it reached an all-time peak, reaching its highest level in October. This, in turn, helped to reduce the daily volume to the level of 2.5 percent. Glassnode stated in the report that:
“Long-term Bitcoin owners are seeing their sales decrease. Positions are maintained here. We can see new additions to the place of sale.”
On the short-term holders (STH) side, the total supply reached the lowest level with 3 million BTC. Short-terms have not yet reached their satisfaction levels with the sales of profit from the top last week. It was noted in the report that there is time for oversaturated profit sales.