According to Glassnode, long -term carriers (LTHS) are defined as investors who have held Bitcoin
for at least 155 days. Coindesk Research indicates that one of the reasons why Bitcoin has for you to reach new heights of all time was to sell the pressure of these long -term holders.
However, the zoom out, Glassnode data show that the percentage of the circulating Bitcoin offer which has not changed in at least three years is currently at 45%, which is the same level observed in February 2024, a month after the launch of the United States.
Three years ago, in July 2022, the market was in the middle of the lever crisis launched by the collapse of 3ac and Celsius during the last bears market, when Bitcoin was at $ 20,000, which shows the condemnation of the LTH.
Meanwhile, the share of the circulating offer which has not changed in at least five years is 30% and has remained stable since May 2024.
Thus, even if long -term holders are sold, as they generally do when prices are increasing, these data points suggest that the wider cohort has not significantly changed its overall behavior for more than a year now, which implies that many are waiting for higher prices before making other movements.
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