On-chain analytics provider Glassnode reported that long-term Bitcoin holders are refusing to sell despite the BTC markets rallying to a five-month price high.
In its Monday “Week On-chain” report, Glassnode noted that “long-term holders” — BTC wallets that have not seen outflows for more than 155 days — are currently sitting on nearly 13.3 million BTC or 70% of Bitcoin’s supply.
The report notes that long-term holders have increased their collective stash by more than 2.37 million BTC (roughly $134 billion at current prices) over the past seven months. With only 186,000 BTC being newly minted by miners during the same period, Glassnode concluded that long-term whales are accumulating 12.7 times more BTC than is created.
Despite long-term holders refusing to sell, Glassnode noted an uptick in on-chain activity as Bitcoin’s price pushed up to a local high of $57,860 on Tuesday.