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Post: Bitcoin Long-Term Holders Resisting Profit-Taking: Glassnode Research

Bitcoin Long-Term Holders Resisting Profit-Taking: Glassnode Research

Key Points:

  • Bitcoin long-term holders (LTHs) are resisting profit-taking despite the significant increase in the value of their BTC holdings.
  • Despite Bitcoin’s price reaching all-time highs of $73,800, long-term holders are not rushing to cash out.
  • Research by on-chain analytics firm Glassnode on May 28 revealed that selling pressure from older BTC coins is much lower compared to previous bull market peaks.
  • LTHs are holding strong even with Bitcoin’s price hovering around $70,000.

Bitcoin Long-Term Holders Showing Strong HODLing Behavior:

The behavior of Bitcoin long-term holders (LTHs) is noteworthy as they are demonstrating a strong commitment to holding onto their BTC assets despite the considerable increase in value. This behavior contrasts with previous market cycles where holders tended to sell off their holdings when prices hit record highs.

Reduced Selling Pressure Indicated by Glassnode:

The research conducted by Glassnode indicates that the selling pressure from long-term Bitcoin holders is significantly lower compared to past bull market peaks. This reduced selling activity suggests that LTHs are confident in the long-term potential of Bitcoin and are not rushing to realize profits, even when prices approach previous all-time highs.

Hot Take:

The reluctance of Bitcoin long-term holders to engage in profit-taking at current price levels indicates a strong belief in the future value of Bitcoin and its potential for further growth. This behavior also reflects the maturation of the cryptocurrency market as holders adopt more strategic and long-term approaches to managing their investments.

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