According to Glassnode, the supply of bitcoin hodlers has remained nearly constant during the recent price rally. The analytics company believes that the Hodling remains a key market dynamic. It also noted the number of BTC active and available for sale. She relied on many indicators to provide her analysis.
An offer of more than 14 million BTC, according to Glassnode
Glassnode has just announced the results of its Bitcoin supply analysis on Twitter. She estimates that the supply of bitcoin hodlers has remained almost constant during the recent increase in the spot price. The supply is around 14.47 million BTC, just 20,000 less than the ATH. This suggests that the accumulation of long-term holders is currently equivalent to the pressure of spending. And this despite the high sales incentive.
According to the on-chain analytics firm, all of Bitcoin’s latest active supply bands remain high around the ATHs. This suggests that HODLing remains the main market dynamic across all sub-sections of long-term holders. The last active band of supply in one year is 68.9% and in two years it is 55.6%. The last active offer in three years is 40.1% and in five years 29%.
A recovery in Bitcoin demand in sight?
In its report, Glassnode attempts to measure available supply and assess the impact of demand on valuations in past cycles. The first signs of a revival in US demand are appearing in the face of the surge in demand for institutional ETFs in the United States. According to Glassnode, this recovery comes after a relative period of U.S. demand in 2023, with major exchanges in Asia seeing the strongest accumulation of holders of the year so far.
Glassnode also brought up the case of short-term holders. Their actions reflect a new perception of break-even points as an opportunity to accumulate, rather than liquidate based on available cash.
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