The price of Bitcoin has been steadily increasing towards the bullish level of $30,000. Despite the market downturns, long-term holders of the cryptocurrency are increasing their investments in anticipation of a significant bull run. This is evidenced by the fact that the holder metric has reached an all-time high.
Bitcoin Price Rises as Long-Term Holders Increase
Bitcoin’s price has been consolidating recently, surpassing the $27,000 mark and currently trading at $27,047. The cryptocurrency is steadily approaching the $30,000 milestone, defying bearish expectations.
Will Clemente, the co-founder of Reflexivity Research, shared a chart from Glassnode, a blockchain data and intelligence platform, in a post on Twitter (formerly known as X). The chart provides insights into Bitcoin’s long-term holders (LTHs) and short-term holders (STHs), as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.
The chart reveals that three out of every four BTC are currently owned by long-term crypto investors. Clemente stated that 76.09% of Bitcoin’s total supply is currently owned by long-term holders, indicating a major all-time high in Bitcoin adoption by LTHs.
“The percentage of Bitcoin supply held by long-term holders just officially reached its highest level ever at 76.09%,” Clemente stated.
This information highlights the growing resilience of the world’s largest cryptocurrency and the strong confidence crypto investors have in Bitcoin as a store of value compared to other cryptocurrencies in the industry.
According to Glassnode’s data, short-term holders of Bitcoin are more likely to trade their cryptocurrency for quick profits during high-volatility markets. On the other hand, long-term holders typically adopt a buy-and-hold strategy, patiently waiting for a bull run to gain significant profits by holding their crypto assets for at least 155 days.
Bitcoin’s Growth Defies Bearish Signals
The recent positive trends in the cryptocurrency may be attributed to various factors such as the potential approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), the launch of Bitcoin Spark (a hard fork of Bitcoin), and increased adoption of BTC across different regions of the world.
In Brazil, Bitcoin adoption has reached all-time highs, with over 3 million crypto users in June. Additionally, a survey conducted by Ripple and the Faster Payment Council in March suggests that Bitcoin adoption may reach as high as 50% by 2025.
Despite experiencing wild fluctuations and regulatory scrutiny over the years, the surge of Bitcoin price past the $27,000 mark brings good news to investors aiming to profit from the market.
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