"Long-Term" Holders Control 75% Of BTC Supply

75% of all BTC is now controlled by long-term holders, defined as those who have not moved their coins for 155+ days.

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Data from blockchain analytics firm Glassnode shows that the circulating supply of bitcoin that has not moved for 155 days or more has reached an all-time high of 75%. These accounts are defined as "long-term" holders by Glassnode.

The figure used as a cut-off point to determine long- or short-term holders "is defined with respect to the entity's averaged purchasing date with weights given by a logistic function centered at an age of 155 days and a transition width of 10 days."

Large Monthly Increase

The amount of coins controlled by long-term holders rose by almost 63,000 BTC in the last month. This continues the established trend of HODLer addresses (which typically transfer in but do not spend coins) accumulating more and more bitcoins.

This logically implies the gradual erosion of selling pressure. The fact that 75% of coins have remained unmoved for five months or longer (often much longer) reinforces the narrative of an early-stage bull market.

This analysis is confirmed by the Bitcoin HODL Waves tool, which shows all of the cohorts from six months upwards growing. To put it another way, while traders are shuffling coins between themselves, investors are accumulating BTC and holding for longer, with confidence across every time frame.

Bitcoin HODL Waves chart

Of course, this does not mean that volatility is reducing, or that price cannot move in both directions. And these trends can change quickly when market conditions reverse. The metric describes was is happening on chain, not what will happen. Nonetheless, it paints a promising picture and shows that investors are gaining confidence in bitcoin as a major asset for the future.

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