Long-term Bitcoin holders have reached a total capital of $10 billion, marking a significant milestone. As the Bitcoin price retreated from its all-time highs in 2021, they refrained from selling. Amr Taha from the CryptoQuant team announced on August 27 that long-term holders’ capital surpassed $10 billion for the first time.
Notable Data for Bitcoin
The realized cap accounts for the price at which each Bitcoin was last sold. According to blockchain data analysis firm Bitbo, the realized cap is often compared with Market Value to understand the overall market sentiment.
Long-term holders are investors who have held Bitcoin for more than 155 days. Taha explained that once holders surpass the 155-day mark, the likelihood of selling significantly decreases, making them less likely to sell during short-term market fluctuations.
Another contributor to CryptoQuant, Axel Adler, stated on August 27 that since Bitcoin started its 29-day trading streak below $69,000 on July 30, the selling pressure from long-term holders has decreased by 3.7 times. Bitcoin is currently trading at $59,404, down 5.47% in the last 24 hours. According to CoinMarketCap, it experienced a slight weekly decrease of 0.11% after reaching a peak of $64,791.
Details on the Subject
According to ChainExposed data, the current price is approximately 8% lower than what an average long-term Bitcoin holder paid, which is $64,490. However, crypto investors believe the price could drop further, forcing long-term holders to hold even longer while waiting for better profit opportunities. Rekt Capital shared the following statement on the subject:
“Bitcoin will pull back deep enough to convince you that the bull market is over.”
Many investors see $50,000 as a critical support level, and if this level is broken, it could push Bitcoin into an uncertainty zone. This comes after a report published by Glassnode in June found that approximately three-quarters of all circulating Bitcoin had not been moved for the last six months or longer.
