Long-term Bitcoin holders at multi-year high: Glassnode

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Long-term Bitcoin holders at multi-year high: Glassnode

The analytics provider reported that long-term BTC holders are reducing their spending, and adding to positions.

Glassnode’s latest weekly on-chain report indicated that long-term holders of Bitcoin (BTC) are at a multi-year high and markets are not yet saturated with profit-taking.

These long-term holders (LTH) appear to be reducing their spending while continuing to add to their positions, according to the Nov. 22 report by analytics provider Glassnode.

The analysis delved into Spent Volume Age Bands (SVAB), which are used to identify the age of coins dominating the on-chain flows on any given day. The metric can be used to identify when the process of profit-taking or accumulation begins, according to Glassnode.

Consistent spending of coins older than one month began in November 2020 and ended between April and May in 2021. The SVAB metric has now fallen back to 2.5% of the daily volume since concurrently spiking with the BTC all-time high in October. Glassnode noted:

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