The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The balance retained in addresses holding coins for a minimum of 155 days has surged by $1.87 billion this month.
The Ichimoku cloud, developed by Goichi Hosoda, a Japanese journalist, in the late 1960s, serves as a valuable tool for traders and analysts to observe momentum and trend direction with greater precision.
Long-Term Holder Supply As of writing, the current LTH supply is 12.3M BTC – that is around two thirds (66%) of the circulating supply. The amount of BTC held by long-term investors follows a regular pattern over the course of Bitcoin's history (Figure 3). Specifically, LTH supply tends to decrease during bull markets.
The on-chain data shows that the market is at the end of the accumulation phase, which has historically been followed by increases in the Bitcoin price. The Long-Term Holder Net Position Change indicator measures the change in Bitcoin supply that remains in the hands of long-term holders (LTH).
The total coin supply held by on-chain entities classified as Long-Term, or Short-Term holders.
To determine the amount of BTC owned by long- and short-term holders, we first considered the time since the (averaged) purchasing date for each entity: If this duration exceeds 155 days (the above-mentioned threshold derived in our previous analysis ), then the entity is considered to be a long-term holder.
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In addition, 66.5% of the cryptocurrency's supply remained unmoved over the past year. In other words, long-term Bitcoin holders ...