What to know:
- Short-term holders have managed to stash away a whopping 1.5 million bitcoin since September, bringing their total to a staggering 4 million bitcoin as a merry band of digital hoarders.
- Meanwhile, long-term holders have decided to play Santa Claus, distributing 1.2 million bitcoin in the same timeframe. 🎅💸
Well, well, well! It seems our short-term bitcoin (BTC) holders (STHs) have been on quite the shopping spree, adding 1.5 million shiny bitcoins to their treasure chests since September, according to the wise folks at Glassnode. 🏴☠️
Now, if my math serves me right, that’s about 300,000 BTC per month. Not too shabby! During this wild ride, bitcoin’s price galloped from $60,000 to a dizzying $109,000 before taking a little tumble back below the $100,000 mark. Glassnode, in its infinite wisdom, defines STHs as those who’ve held onto their bitcoins for less than 155 days—like a kid with a new toy! 🎈
Historically speaking, in the grand circus of bull market cycles, bitcoin’s price tends to hit a peak when our short-term holders run out of steam, leading to a slowdown in the price appreciation. This little dance has been performed in 2013, 2017, and 2021. 🎭
But hold your horses! STHs were holding a lot more bitcoin at those cycle peaks: 5 million BTC in 2013, 6.2 million BTC in 2017, and 4.6 million BTC in 2021. Compared to the current 4 million BTC, it seems our current STH holdings are a tad on the lean side, suggesting that new market entrants might still be in the mood to accumulate. Could it be that the cycle still has room to grow? Only time will tell! ⏳
Meanwhile, our long-term holders (LTHs)—those wise investors who’ve held onto their bitcoins for more than 155 days—have been busy distributing 1.2 million BTC during this same period. It appears they’ve been cashing in on some sweet profits following bitcoin’s strong rally since November. 🍾
This ongoing offloading by LTHs has been a significant factor in bitcoin’s price action hitting the brakes since mid-November. So, grab your popcorn, folks! This show is far from over! 🍿
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2025-02-14 13:45