Bitcoin price hovers near $28k as short-term holders have locked in the highest profits sinceNovember 2021 all-time high
Bitcoin price trades with modest gains near $28k on Monday. BTC is the biggest cryptocurrency, with a market cap of $529bn. The number of active BTC-holding addresses spiked about 1,000 in July 2010 to a peak of more than 1.3 million by April 2021. In 2022, BTC lost nearly 65%.
As of press time, BTC/USD is reading at $27,850, down 0.55% for the day.
Recent data from analytical firm, Cryptoquant suggests that Bitcoin long-term holder supply surged and set a new all time high, indicating that conviction may be returning in the market.
According to the latest data, Bitcoin long-term holders now hold around 76.8% of the total circulating supply. The Long-term holders is one of the two major cohorts in the Bitcoin market and includes all investors who have been holding onto their coins for at least 155 days. However, the BTC short-term holders stands around 22.12% now.
Further, the short-term Bitcoin holders activity has risen, which could mean a ‘final flush’ of sellers. The STHs means bitcoin hold their coins within the last six months , while the LTHs include who acquired BTC earlier then the mentioned time limit.
The rising share of both type of investors mean that there as been a growing shift towards a HODLing mentality.
