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Long-term Bitcoin holders have accumulated over $10 billion, even as the cryptocurrency's price has fallen below $60,000, indicating a cautious stance in the market.
Bitcoin Holders Reach $10B Mark
An analyst claims that long-term Bitcoin holders have been reluctant to sell the cryptocurrency as its price has fallen from its all-time highs in 2021, despite the fact that they have invested a total of $10 billion into the asset.
"For the first time ever, the realized capitalization of long-term holders has exceeded $10 billion," CryptoQuant contributor Amr Taha wrote in a post on August 27.
Long-term Holders Reluctant to Sell
The last selling price of a Bitcoin is factored into the realized cap. Bitcoin analytics company Bitbo states that their market cap is "often compared to Market Cap to get a sense of the overall market vibe" when calculated.
Anyone who has kept Bitcoin for more than 155 days is considered a long-term holder. "The likelihood of selling decreases significantly, meaning these holders are less likely to sell during short-term market fluctuations," Taha said when holders' holding periods had exceeded 155 days.
Per Axel Adler, a fellow CryptoQuant contributor, the selling pressure from long-term holders has "decreased 3.7 times" since Bitcoin started its 29-day stretch of trading below $69,000 on July 30.
Bitcoin Price Falls to $59K
As of this writing on August 28, Bitcoin was trading at $59,404, a decrease of 5.47 percent over the previous day. According to CoinMarketCap, the asset hit a high of $64,791 earlier this week, but it has since fallen by 0.11%.
According to data from ChainExposed, the average price that long-term holders paid for Bitcoin was $64,490. The current price of Bitcoin is around 8% lower than that.
However, crypto traders think prices might fall considerably more, so long-term holders will have to wait even longer for better opportunities to cash out.
A cryptocurrency dealer going by the name of Rekt Capital added:
Bitcoin might enter a zone of uncertainty if it breaches the $50,000 support level, which many traders consider to be a critical level.
Market Uncertainty Looms
Approximately 75% of Bitcoin in circulation has remained unchanged for the last six months or more, according to a June analysis by Glassnode.
