Long-term Bitcoin (BTC) holders that hold coins for a minimum of 155 days now control a staggering 75% of the cryptocurrency´s circulating supply. Based on the data shared by Glassnode, a crypto analytics firm, the total balance held in these wallets has jumped up by approximately 62,882 Bitcoin (BTC), which accounts for almost $1.83 billion, to a record 14.52 million BTCs this month. The most recent surge surpassed the previous peak of almost 14.48 million units which was registered in May this year.
The #Bitcoin Long-Term Holder Supply has reached a new ATH of 14.52M BTC, equivalent to 75% of the circulating supply.
This suggests HODLing is the preferred market dynamic amongst mature investors. pic.twitter.com/rfPmHM9hh2
— glassnode (@glassnode) July 24, 2023
Considering how these holders hold three-fourths of the token’s circulating supply, analysts suggest that HODling is an increasingly popular market dynamic among a series of investors. Circulating supply means the total number of tokens available in the market for trading purposes, and it can be assumed that these holders have a great influence on them.
The overall rate of flow into wallets is controlled by illiquid entities or other network participants that have little or no spending histories. Just over the course of this month, the total number of coins held by these illiquid entities has surged b over 90,000 Bitcoin (BTC).
Despite having great control over the circulating supply, holders and investors have been blown away by the current trading price of the crypto. At the time of writing, Bitcoin (BTC) has dipped by almost 2.26% in the previous 24 hours and has fallen below the $30k mark. the token is currently trading for almost $29,173 and has a total market cap of $567 billion.
Dormant Bitcoin (BTC) Whale Wakes Up After 11 Years
In other news, a Bitcoin (BTC) wallet that remained inactive for over a decade has suddenly shown activity by sending out BTCs worth more than $30 million to other addresses. It is believed that the whale received the stash in April 2012 when Bitcoin (BTC) traded around the $5 mark.
A BTC whale that has been dormant for 11 years transferred all 1,037.42 $BTC($37.8M) to a new address"bc1qtl" an hour ago.
— Lookonchain (@lookonchain) July 22, 2023
As a result of the sudden activity, many speculate that the user might’ve lost access to the wallet and that it was highly likely that the wallet, itself, was hacked. However, others suggested that the investor missed their chance of reactivating the wallet by almost 2 years, which points to the all-time high price of the cryptocurrency during that time.