Long-Term Bitcoin Holders Increase BTC Spending

After touching an all-time high of nearly $67,000 on 20 October, Bitcoin saw immense volatility across its network. The spending behavior of long-term BTC holders also changed significantly during the last two weeks.

Long-term Bitcoin holders now own more than 13.34 million coins, which is up by nearly 680,000 BTC compared to the same period last year. After a dip in March 2021, BTC holders increased the accumulation of Bitcoin. In the last 7 months, long-term holders accumulated more than 2.42 million coins.

However, the long-term supply has declined slightly in the last two weeks, mainly due to the bullish rally in the world’s most dominant crypto asset. BTC holders spent over 39,500 coins during the mentioned period.

“Long-Term Holder supply declined by around 39.5k Bitcoin over the last two weeks. However, when we look at this in context, it follows a period of incredible accumulation and HODLing, where LTH held supply increased by 2.42M BTC since the lows in March. The current LTH supply is 680k BTC higher than it was this time last year, and even after the week’s spending, is starting to reverse back to the upside,” crypto analytics platform Glassnode highlighted in its latest weekly on-chain analysis report.

Modest Bitcoin Spending

The recent data from Glassnode indicates that the long-term supply spending remained modest in the last two weeks. Long-term Bitcoin holders still own a large amount of the overall circulating supply.

“Incredibly, the accumulation of Bitcoin from May through September shows up as extremely low Dormancy values, getting below 25-days in mid-September (strong accumulation signal). There has been a slight uptick in this metric over the last two weeks, however, it continues to trade around the pre-bull baseline of 50-days, suggesting LTH spending is modest, but not extreme,” Glassnode added.

The address activity of Bitcoin including whale transactions and the number of active BTC wallets have jumped sharply during the last week. More than 99% of all Bitcoin supply is now in profit.

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