Market Insights from Glassnode: Analyzing the Behavior of Long-Term Bitcoin ‘Diamond Hands
Recent Glassnode data reveals insights into Bitcoin’s long-term holders (LTH) and their market impact.
The analysis shows Bitcoin trading sideways since a March high of $73,794, with a bearish trend emerging by May. LTHs, making up 4-8% of daily onchain volume, account for 30-40% of bull market profits, indicating wealth concentration in older coins. The report details how spot prices falling below cost-basis levels historically lead to reduced investor confidence.
It also notes that LTHs often take profits during bull market euphoria, highlighting their consistent behavior in response to rapid price increases.
Clever Robot News Desk 26th June 2024
