The Glassnode Week in the Chain report from 15. March revealed that only 5% of issues are more than 90 days old, suggesting that the vast majority of BTC circulating on the blockchain are young coins.
Further data from Glassnode revealed that addresses that have been hoarding BTC for at least three years have significantly increased their holdings over the past six to 12 months, while short-term holders have benefited since the early 2020s.
Glassnode defines long-term holders, or LTH, as wallets that hold bitcoin for more than 155 days, while short-term holders, or STH, are described as wallets that move BTC or receive coins within 155 days on the chain.
The report claims that LTHs tend to pay more attention to bitcoin, accumulating BTC in falling markets and dumping it in rising markets. HTSs, on the other hand, are likely to be either newer market participants or short-term speculators who often move value between exchanges, he added.
At current prices, Glassnode found that 10.85 million BTC, or 58% of the outstanding bitcoin stock, are now profitable based on their last movement on the blockchain, while 5.3 million BTC are currently profitable and held by STH wallets.
Glassnode also noted that LTH is actually handicapping more coins than in previous market cycles.
The provider’s analyst also noted that the number of new active organizations recently hit a new record high, indicating that many new retail investors have recently entered the market.
The number of new participants in the #Bitcoin network is unprecedented.
In recent weeks, the number of new businesses has increased dramatically. This is a strong indication that new retail investors are entering the space.
Chart: https://t.co/3w1LwtUFZV pic.twitter.com/MXNXwimnfZ
– glassnode (@glassnode) 15. March 2021
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