According to crypto analytics firm Glassnode, long-term holders floated more than 500,000 Bitcoin during BTC’s last bull run.
The company notes in a new analysis that the cohort of long-term holders reached its peak Bitcoin supply in September.
“Like all previous cycles, the cohort of long-term holders is benefiting from inflows of liquidity and a strengthened demand side to resume distribution of held supply at scale.”
Long-term holders have sold 507,000 BTC since that peak, but Glassnode notes that this is down from the 934,000 Bitcoin issued during the rally to all-time highs in March 2024.
However, according to the analytics firm, the cohort of long-term holders is posting record profit levels.
“Long-Term Holders play a key role in the price discovery process because they are a dominant source of previously dormant supply returning to liquid circulation. It becomes more cautious to assess the extent of profit-taking among this cohort as the bull market progresses, as they become increasingly active as prices rise.
Long-term holders are currently making a huge profit of $2.02 billion per day, setting a new ATH and eclipsing the previous one from March. Fully absorbing this excess supply will require a robust demand side, which may require a period of reaccumulation to fully digest.”
Bitcoin is trading at $96,303 at the time of writing. The highest-ranked crypto asset by market capitalization is up more than 3% in the past 24 hours.
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