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Bitcoin Long-Term Holders Control 75% of Circulating Supply: Glassnode
The balance kept in addresses that hold coins for at least 155 days has increased by $1.87 billion this month.
Updated Jul 24, 2023, 10:06 a.m. Published Jul 24, 2023, 10:05 a.m.
Long-term bitcoin holders, or addresses that hold coins for at least 155 days, now control a record three-fourths of the cryptocurrency's circulating supply.
- Data tracked by blockchain analytics firm Glassnode show the balance held in these wallets has increased by 62,882 BTC ($1.83 billion) to a record 14.52 million BTC this month, surpassing the previous peak of 14.48 million BTC registered on May 21.
- The new high means holders own 75% of the circulating supply of 19.437 million BTC.
- Circulating supply refers to the total number of coins that are actively available for trade in the market.
- "This suggests HODLing is the preferred market dynamic amongst mature investors," Glassnode tweeted.
- The rate of flow into wallets controlled by illiquid entities, or network participants with little-to-no spending history, also remains strong, suggesting continued accumulation and weakening of sell-side pressures in the market. The number of coins held by these illiquid entities has surged by over 90,000 BTC this month.
Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy.
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