The total BTC supply held by long-term holders continues to break new ATHs as the relentless spot market accumulation flourishes. According to the recent report from Glassnode, the overall supply held by Bitcoin long-term long HODLers hit an ATH of 12,761,192 BTC on September 13th, 2021.
The previous ATH was recorded at 12,656,092 on October 19th, 2020. The total supply held by long-term HODLers bottomed out at 10,903,459 on 17th March 2021. And from there started to increase steadily before a sharp rise following the huge market liquidations that took place in May. With BTC prices dropped more than 50%, resulting in the crypto community stepping in and accumulate BTC at a rapid pace.
In another report from Glassnode revealed that the circulating supply held by short-term and long-term holders, it can be clearly observed that long-term holders are the ones who set the price floor. During bearish periods or periods of consolidation, HODLers take benefit by accumulating more of the circulating supply. Further setting the price movement in the process.
Bitcoin Price Analysis: Whales Preparing to Pump and Dump BTC?
Recently, Lex Moskovski, chief investment officer at Moskovski Capital came up with a tweet addressing BTC On-Chain metrics. He shared a chart from Glassnode, indicating bitcoin accumulation addresses and their balances are up and the price is down. Some investors responding to his tweet raised their concern because whales sometimes use such situations and pump and dump the price.
The BTC price was trading at $44,785 at the press time. While the 24-hour trading volume is down by 2.69%. RSI factor is at 38.94 indicating the consolidation phase. The price is forming a strong support zone near $45,000. If the price breaks at that level then it may easily surpass $50k. If whales start to dump their BTC bag then the price may slump down to historic levels.