Daily, the outgoing flow of exchanges surpasses $ 150 million. Strong-handed HODLers keep racking up the first cryptocurrency.
More than three-quarters of bitcoin that are already circulating generate profits to its holders, Glassnode revealed this information in his weekly report on this cryptocurrency. 76.2% of the bitcoin circulating yields benefits to its holders, which shows parallelisms with about 14.41 million BTC, out of a figure of 18.907 million.
Regarding the number of holders that show earnings, the report presents the evolution of this indicator since November 2020. Last July, 76% of the entities showed earnings with a value similar to the current one. The price in July, which was among the weaker levels this year, seems to be $ 32,500, almost 50% less than the actual price. Even so, the share of holders in profit was the same as the one that appeared the day before.
Another way to highlight the information is to check on the distribution of the unrealized price, which shows all the circulating BTC with the last price at which it changed hands. The report shows that 24.6% of the supply got purchased above the current price, which circles USD 47,000. Approximately a quarter of currency, or 1 BTC out of 4 is in a red stage.
Accumulation of Holders Nearly Quadruples BTC that Got Already Mined
According to the study, the so-called HODLers, those market participants who have just a bit of willingness to sell, have kept the constant accumulation going.
The supply in these holders’ hands got sold in May along with a large piece of the market. However, since then, they have kept making the pressure of accumulation and are now taking coins at a daily coin issue rate of 3.4x, According to the report. In easier words, strong Hodlers absorbed the supply at triple the rate of new coins mined daily.
Recent price weakness has ended up in sell-offs, says Glass node. Although in October there were sudden flows of BTC to the exchanges, at times above USD 200 million per day, in the last week, BTC leaves with average daily values of at least USD 150 million to USD 175 million.
A report that appeared in December revealed that exchanges’ BTC inventories have crumbled down to 13%, the same level as February 2018. According to an analysis led by Willy Woo, the constant departure of BTC from exchanges takes effect due to the gathering of long-term holders, which, although it has not continued with an upward trend; it still remains at high levels.
Woo also explains that, despite the price correction that started after the all-time high on November 10, intensive purchases by smallholders, with less than 1 BTC have also taken effect.
By: Jenson Nuñez
