Bitcoin’s corrective phase set a four-month low at $76,600 on March 11. Despite this decline, long-term holders have continued to hold large amounts of BTC, suggesting a “unique market dynamic moving forward,” new research says.
“Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure,” Glassnode said in a March 18 markets report.
Long-term holders show signs of bullishness
Bitcoin’s recovery comes as selling pressure among Long-Term Holders (LTHs) — wallets that have held Bitcoin for at least 155 days — begins to wane.
The Binary Spending Indicator, a metric used to determine when LTHs are spending a significant proportion of their holdings in a sustained manner, shows a slowdown (see chart below) while the LTH supply is also beginning to rebound after several months of decline.
“This suggests that there is a greater willingness to hold than to spend coins among this cohort,” Glassnode noted, adding:
“This perha
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