The crypto market has been rallying for quite some time now, as the price of Bitcoin struggled to break through the $50,000 price mark. After struggling for a few weeks, the flagship digital asset didn’t just touch the $50k price region but it surged above it. Currently, the largest cryptocurrency is trading at $57,752 (at the time of writing).
Here is a graph by CoinGecko that shows the price fluctuations for BTC over the past month.
Despite the positive crypto market situations seen at the moment, it has been reported that wallets of long-term BTC hodlers have not seen any outflows for over five months. According to reports, the long-term hodlers refuse to sell even though the crypto market has seen a five-month price high.
The long-term hodlers currently have $754 billion worth of the asset, considering they haven’t sold anything yet. Let’s find out more details and see if it affects the price of the flagship crypto asset.
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Why Long-term Hodlers Refuse to Sell?
The data regarding the long-term BTC hodlers has been shared by Glassnode. According to the report, it has been over 155 days since any outflows have been seen from long-term hodlers BTC wallets. This means that they are currently sitting on nearly 70% of all BTC supply or around 13.3 million Bitcoin.
Over the past seven months, the collective stash of the hodlers has also increased by over 2.37 million BTC. Considering the current prices, this roughly sums up to $134 billion.
During this period, miners have only reportedly minted 186,000 BTC. This means that the long-term BTC Whales have been accumulating 1.27 times more Bitcoin than what is being created as new supply.
October has been a fantastic month for Bitcoin so far. During the price surges seen for BTC this month, the on-chain active addresses have significantly increased from 19% to 291,000%.
According to Glassnode, the increase in active addresses could indicate a further bullish scenario.
“More active market participants have historically correlated with growing interest in the asset during early stage bull markets.”
There is also a possibility of an increase in institutional-sized capital flows on-chain as the median transaction size has increased to around 1.3 BTC per transaction.
There is further evidence that BTC hodlers are not going to sell as the BTC balances on centralized exchanges has dropped to 2.4 million BTC. It is also anticipated that the Bitcoin ETF will be approved this month, which is likely to impact its price positively.
Possible Price Surge for BTC in the Future?
The long-term BTC Whales have been noticeably adamant in keeping their Bitcoin. With the upcoming approval of the BTC ETF, the market situation can change in favor of the flagship crypto asset.
This can also positively impact the price of the flagship digital currency. The price of the digital asset is also anticipated to surge higher, which is why the long-term hodlers refuse to sell their BTC at the moment.
However, a further price increase for Bitcoin is yet to be seen in real life.
Nonetheless, if you want to step into the crypto space and purchase Bitcoin then make sure you take a look at some of the largest Bitcoin exchanges and choose carefully.
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