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Long-Term BTC Hodlers Hold Over 76.1% of Circulating Supply, Nearing Record High

Long-Term BTC Hodlers Hold Over 76.1% of Circulating Supply, Nearing Record High WikiBit 2023-12-25 17:56

Long-Term BTC Hodlers' Holdings Account for Over 76.1% of Circulating Supply, Approaching an All-Time High

Glassnode recently released its annual on-chain review report for 2023. The year 2023 proved to be an incredible year for digital assets, with Bitcoin surging by over 172% and correcting by less than 20%, experiencing net capital inflows into Bitcoin, Ethereum, and stablecoins.

Throughout this year, the Bitcoin market witnessed breakthroughs in several significant technical and on-chain pricing models, with October being a pivotal point for institutional capital inflow.

The supply of Bitcoin held by long-term holders is currently approaching historic highs, and a vast majority of Bitcoin is currently held at a profit.

Out of the total circulating supply of 195.74 million Bitcoins, over 14.9 million (76.1%) are held outside of exchanges and have seen no activity for over 155 days, an increase of 825,000 BTC compared to the same period last year. This has resulted in a record low of 2.317 million BTC held by short-term holders.

The market structure is undergoing significant changes, with Tether re-establishing dominance among stablecoins. CME futures volume has surpassed Binance, and the options market is also experiencing significant growth.

With the increasing possibility of a spot ETF launch in the United States in early 2024 and Bitcoin's halving scheduled for April, the coming year is expected to be an exciting and eventful one.

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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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