According to cryptocurrency analysis firm Glassnode, the type of investor that dominates the current Bitcoin market is long-term investors.
Glassnode noted that long-term investors and accumulators likely make up the majority of the current market structure. Bitcoin transaction numbers and the number of active assets have plummeted since May’s correction of more than 50%, which Glassnode said could be a bearish indicator.
BTC is trading at $43,000 at the time of writing, down more than 10% in the last two weeks, according to CoinGecko. The largest crypto asset by market capitalization hit an all-time high of $64,804.72 in mid-April.
Glassnode notes that its short-term holders have hit an all-time low.
“We can also see the relative (relative) supply held by short-term holders reach an all-time low of 20% of the circulating supply.”
According to the firm, when all these variables are examined together, it can be seen that current Bitcoin investors are considering longer-term investments. This can be considered a new phenomenon in Bitcoin dynamics. How do you think this situation in Bitcoin will affect the value of BTC?
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.