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Bitcoin

Over $268,000,000 in Bitcoin Moving to Long-Term Holders Signaling BTC Is Close to Bottom: Insights Firm

A number one crypto insights platform is revealing that an investor cohort with little to no historical past of spending their Bitcoin (BTC) is snapping up BTC to the tune of a whole bunch of thousands and thousands of {dollars} per day.

Glassnode says in its newest publication that long-term holders (LTHs), or entities who’re much less probably to promote their BTC after holding their stacks for greater than 155 days, are accumulating Bitcoin at a speedy fee.

The market intelligence agency highlights that the buildup fee of long-term holders is exponentially larger than the quantity of BTC mined per day.

“At present, the LTH market inflation rate is at -10.9%, which means LTHs are currently adding to their balance at 7.6x the rate of issuance.”

Glassnode’s lead on-chain analyst shows the numbers to illustrate the depth of accumulation by long-term holders.

“With ~900 BTC in mined issuance per day, this means around 6,840 BTC moving into LTH storage daily.”

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Source: Checkmate/Twitter

At time of writing, Bitcoin is exchanging fingers for $39,231, which implies long-term holders are gobbling $268.34 million price of BTC every day.

In addition, Glassnode says that Bitcoin’s inflation fee has plummeted to -10.9% amid the heavy accumulation of long-term holders. Historically, an efficient inflation fee between -14% and -15% has marked bear market bottoms for BTC, in accordance to the insights agency.

“This is approaching historical lows that have signaled bear market lows in past cycles, and is another constructive long-term undertone.”

Source: Glassnode

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Featured Image: Shutterstock/GrandeDuc/PurpleRender

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