Although the Bitcoin market is currently in a sideways consolidation state, with price volatility gradually decreasing and maintaining around $27000, long-term Bitcoin ($BTC) holders are still actively accumulating this major cryptocurrency asset.According to data provided by blockchain analysis company Glassnode, long-term Bitcoin holders have added at least 50000 Bitcoins per month, with a total value exceeding $1
Although the Bitcoin market is currently in a sideways consolidation state, with price volatility gradually decreasing and maintaining around $27000, long-term Bitcoin ($BTC) holders are still actively accumulating this major cryptocurrency asset.
According to data provided by blockchain analysis company Glassnode, long-term Bitcoin holders have added at least 50000 Bitcoins per month, with a total value exceeding $1.35 billion. This trend has been ongoing for at least 155 days.
The source of this data is Glassnode's HODLer net position change indicator, which reflects the speed at which holders of cryptocurrencies that have been stored for at least 155 days are increasing their holdings. Currently, long-term holders hold over 14.859 million Bitcoins, accounting for 76% of the total Bitcoin supply.
To further support this data, renowned cryptocurrency analyst Ali Martinez recently cited data from on chain analysis company Santiment, stating that since early October, Bitcoin Whales has purchased approximately 20000 Bitcoins and added approximately $550 million in value to their investment portfolio.
According to Glassnode's data, the Bitcoin blockchain is experiencing significant currency dormancy. The so-called dormant tokens refer to tokens that have not been traded or transferred for a long time, indicating a shortage of market supply. Once there is a supply shock, the price of Bitcoin may rise significantly.
In addition, former BitMEX CEO Arthur Hayes recently made optimistic predictions for the future, believing that the price of Bitcoin may reach between $750000 and $1 million by 2026. He attributed this prediction to various economic factors, including ZF intervention, inflation issues, and global economic conditions.
However, an analyst named Nicholas Merten issued a warning, telling a large number of his followers that if the US economy enters a recession, Bitcoin prices may experience a significant decline. He attributed this potential decline to the hawkish Z policy adopted by the Federal Reserve, believing that this could lead to a long-term downturn in the US economy.
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