Here’s How Much of the Circulating Supply of BTC Is Owned by Long-Term Holders: The Data

According to data provided by Glassnode, long-term holders currently hold around 14.5M bitcoin (BTC). There has been a gradual accumulation of LTH over the past year and a half despite a prolonged bearish market.

Blockchain analytics firm CryptoQuant recently revealed that institutional investors (hedge funds, pension funds, commercial banks, insurance companies and more) have also shown a growing appetite for holding primary cryptocurrencies over the long term.

very close to ATH

glassnode statistics Has shown BTC investors looking to hold the asset for the long term have bought a significant amount between April and early July 2023. The largest crypto asset has performed quite well during those months, as it recently closed in the green for the second consecutive quarter. time from 2021.

Long-term holders also showed increasing interest in BTC between September 2022 and the end of the year. Furthermore, their accumulation efforts continued even during the FTX meltdown in November, which shook the entire crypto industry.

In fact, other market participants, such as those holding less than 1 BTC (described as “shrimp”) and those holding no more than 10 BTC (“crabs”), also bought Significant amounts of bitcoin shortly after the collapse of the once-dominant cryptocurrency exchange.

Overall, long-term holders have earned a total of 1.01 million BTC over the past 602 days and now hold 14.47 million BTC (about 75% of the circulating supply). This figure is only 20K BTC short of the all-time high.

Notably, long-term holders were even more aggressive during the rally in 2021. He accumulated over 2.4M BTC between April and November 2021, when bitcoin’s USD valuation was much higher than it is now, peaking at around $70,000.

Institutional investors are also flocking

As CryptoQuant revealed, institutional accumulation of bitcoin is also on the rise. The analytics company further explained that investment firms, hedge funds, private funds and others are looking to join the ecosystem for the long term:

“Analyzing the holdings of these funds provides valuable insight into market dynamics and investor sentiment… Monitoring fund holdings provides not only an understanding of market sentiment, but also institutional investors’ confidence in bitcoin as a long-term asset.” also exposes.

One reason behind that enthusiasm could be the long list of financial giants that have recently applied to launch spot BTC ETFs in the states. The spree was started by the world’s largest asset manager – BlackRock. Fidelity Digital Assets, Invesco, WisdomTree, Valkyrie, and others followed a few days later, infusing optimism and hope throughout the crypto sector.