Long-term holders bought into Bitcoin (BTC) in a huge way last year, according to crypto analytics firm Glassnode.

In a new report, the firm notes long-term holders (LTHs) of BTC, entities that have kept their Bitcoin dormant for 155 days or longer, went through a “massive accumulation phase” in 2021, buying up more than 2.42 million BTC after March, currently worth about $112,573,560,000.

Long-term holders did sell off a modest amount of their Bitcoin supply following BTC’s all-time highs in October and November, but those sales have since plateaued, according to Glassnode.

“This signifies that LTHs have slowed their spending, and are more likely to be HODLers, or even buyers at these prices. This provides another constructive view of market conviction.

LTHs have spent around 150k BTC since October, which is just 1.11% of their total held balance.

The slow-down in spending is notable given the sharp and sustained correction during this time.”

Image
Source: Glassnode

Bitcoin is trading at $46,083.28 at time of writing, down more than 6.8% from where it was priced one month ago.

Another potentially bullish indicator for BTC is that the percent of its supply that was last active more than one year ago remains high, Glassnode reports.

“If we look at the supply last active 1y+ metric, we can see that a great proportion of coins accumulated in late 2020 remain unspent to this day.

Since October 2021, over 682k BTC have migrated into the 1yr+ age band, representing 3.3% of the circulating coin supply.

Over 57% of the coin supply is now older than 1yr, equivalent to the 51.5% seen at the time of the April 2019 bullish impulse.

Given how volatile 2021 was, seeing such an acceleration and large proportion of coins held throughout is quite remarkable.”

Glassnode notes that Bitcoin’s network activity, however, looks “lackluster.” The number of active on-chain BTC entities is still way down from the levels they were at during the 2017 and 2020/2021 bull runs, a potentially bearish indicator.

Image
Source: Glassnode

Transaction counts are also down from where they were during those previous bull runs, according to the analytics firm.

Image
Source: Glassnode

Read Glassnode’s full report here.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens/Fotomay

The post Long-Term Holders Accumulated $112,573,560,000 Worth of Bitcoin in 2021, According to Crypto Intelligence Firm Glassnode appeared first on The Daily Hodl.