Bitcoin: LTH sets new record even as BTC moves sideways

• BTC long-term holders have hit a record high.
• The total number of holders has crossed 50 million.

Despite the sideways price movement of Bitcoin [BTC], long-term investors are holding onto their assets. Recent statistics revealed an increase in long-term holders rather than a decrease.

Bitcoin hodling record rises

According to a recent IntoTheBlock post, the volume of Bitcoin held by long-term investors reached a new record. This implied an increase in the amount of BTC held in wallets that have not been offered for sale.

The growth in this category suggested confidence in a potential future price increase. Nevertheless, it’s worth noting that we could see a sell-off from this group of holders when the price reaches a certain point.

The movement in the BTC Hodler net position change metric showed this possibility.

Bitcoin hodlers fall to price rises

AMBCrypto’s analysis of the Bitcoin Hodlers net position change on Glassnode revealed a consistently positive trend. This indicated that many hodlers were steadfast in holding onto their BTC.

However, it’s noteworthy that the chart depicted a recent decline in this number, standing at over 25,000 as of the latest data. 

Source: Glassnode

Further examination of the chart illustrated that the figure was previously around 50,000. The decline coincided with the BTC price surpassing the $30,000 range, suggesting that some long-term holders opted to sell their holdings to capitalize on profits.

Despite this reduction, the net position change remained positive.

More holders troop in

Even though certain Bitcoin long-term holders opted for profitable exits, the overall count of holders continued to ascend. An analysis of the total number chart on Santiment revealed that the prevailing price trend attracted more participants to the network.

The chart indicated sustained growth, reaching a record high. As of the latest data, the total number of holders surpassed 50.5 million, reflecting an increase of over 1 million since the beginning of November.

Source: Santiment

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin sees a slight rise

Recently, Bitcoin has experienced fluctuations, alternating between losses and gains, with the percentage of losses outweighing the gains. The daily timeframe chart on the 18th of November indicated a closely contested battle between sellers and buyers.

Ultimately, the day ended with a loss of less than 1%. As of press time, Bitcoin was trading at approximately $36,700, showing a marginal gain of less than 1%.

Source: TradingView