Despite five months of high prices, long-term Bitcoin bulls remain strong

On-chain analytics provider glassnode reported that although the BTC market rose to a five-month high, long-term Bitcoin holders still refused to sell.

On its October 11th “Chain last weekreport, Glassnode pointed out that “long-term holders”-BTC wallets that have not flown out for more than 155 days-currently hold nearly 13.3 million BTC, accounting for 70% of the Bitcoin supply.

The report states that in the past seven months, the collective assets of long-term holders have increased by more than 2.37 million BTC (approximately $134 billion at current prices). During the same period, miners only minted 186,000 BTC newly, and Glassnode concluded that the BTC accumulated by long-term whales was 12.7 times the amount created by new supply.

Although long-term holders refused to sell, Glassnode pointed out that as the price of Bitcoin rose to a local high of $57,860 on October 12, on-chain activity has increased.

In October, the number of active addresses on the chain increased by 19% to 291,000-a level not seen before the rapid bull trend in December 2020. Glassnode stated that the surge in activity may herald further bullish momentum, noting:

“Historically, more active market participants are related to the growing interest in the asset during the early bull market.”

The report also pointed out that the median transaction size per transfer increased to approximately 1.3 BTC, indicating an increase in capital flows of the institutional scale on the chain. In August, the median transaction size dropped to 0.6 BTC per transfer.

Last week, the Bitcoin network registered its The highest daily settlement value ever 31 billion U.S. dollars.

related: Bitcoin outflows from centralized exchanges surge to 100,000 BTC per month

On October 12, Glassnode reported that the Bitcoin balance on centralized exchanges had fallen to a three-year low of 2.4 million BTC, further proving that many investors choose to hold higher prices.

Industry observers say that whales may lead in BTCmarkets Bitcoin ETF is expected to be approved this month.