Long-Term Bitcoin Holders Own 80% of the Circulating BTC
The overall volume of Bitcoin held by long-term holders has reached an all-time high of 80.5% of the circulating supply, according to the recent data published by Glassnode.
Apart from the record number of coins held the long-term Bitcoin holders, the BTC lightning network also saw significant growth during the last week. “Bitcoin Lightning Network metrics continue hitting all-time-highs this week. Lightning Node count hits 15.6k. The total channel count is up to 73k. Channel capacity is up 22% in Sept to 2,904 BTC,” Yann and Jan, co-founders of Glassnode, mentioned on Twitter.
During the recent bull market of 2020/21, approximately 12.3% of the circulating Bitcoin supply was accumulated by the long-term holders. The recent data from Glassnode indicates that BTC owners are still not willing to sell their crypto assets.
“We can also see that the relative Bitcoin supply held by Short-term Holders has reached an all-time low of 20% of circulating supply. This is a rare occurrence that has historically described the late-stage accumulation periods of bear markets by the smarter money,” Glassnode mentioned in the report.
Bitcoin Exchange Supply Ratio
The Bitcoin supply on leading digital exchanges has reached its lowest level in more than two years. Several crypto exchanges saw significant BTC outflows in the last few days. “The
Yesterday, Whale Alert highlighted a Bitcoin transaction worth $64 million from digital exchange