Bitcoin HODLers are Accumulating Coins Massively: Glassnode
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In a recent report, Glassnode revealed the behavior of varying groups of Bitcoin investors amid the bear market cycle. The platform highlighted notable differences between the behaviors of long-term HODLers and short-term traders.
The report also revealed how different wallet size groups have reacted in the face of market uncertainty. Glassnode Academy explained that the metric offers in-depth insight into changes in macro HODLing behavior. The report also identified long-term holder accumulation and spending trends.
The on-chain provider further noted that when the metric drops, it means a notable number of coin (BTC) supply is dormant, indicating that HODLers are refusing to part with their tokens. However, when this metric rises, it means long-term HODLers have begun offloading old coins.
The report detailed:
“Liveliness is currently in a strong downtrend and has convincingly broken below the triple peaks of the post-2018 bear market. This event suggests that Coin Days are being accumulated by the supply much faster than they are being destroyed and is coincident with a HODLing dominant regime.”
Key Bitcoin Levels to Watch — September 6
Bitcoin has now traded in a sideways pattern between $20.5K to $19.6K for the last ten days, as more analysts propose that the bear cycle is close to its end.
Regardless, BTC needs to defend the $19.6K mark in the near term to prevent a retest of the $17.5K from June. As such, the cryptocurrency needs to breach the $20K mark and retake the $20.5K, at the least, to negate any bearish push.
Meanwhile, my resistance levels are at $20,000, $20,500, and $21,000, and my key support levels are at $19,600, $19,000, and $18,000.
Total Market Capitalization: $997 billion
Bitcoin Market Capitalization: $380.9 billion
Bitcoin Dominance: 38.2%
Market Rank: #1
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