<p>Long-term Bitcoin (BTC) holders are not ready to sell their digital assets despite the latest <a href=”https://www.financemagnates.com/cryptocurrency/” target=”_blank”>crypto</a> market correction. Glassnode’s data indicates that the long-term holders of the world’s most valuable digital currency now own approximately 13.62 million Bitcoin, which is the highest level on record.</p><p>“Total supply held by Long-Term Holders has reached a new ATH of 13.62M BTC, LTH supply is the volume of Bitcoin which has been dormant for 155-days and is statistically the least likely to be spent during market volatility,” Glassnode noted.</p><p>Bitcoin network has remained volatile during the last few days. Earlier this week, the total number of active BTC addresses touched its highest level in three months. During the first week of September 2022, the dormant BTC supply <a href=”https://www.financemagnates.com/cryptocurrency/news/dormant-bitcoin-supply-hits-6577/” target=”_blank”>crossed 65.7%</a>.</p><p>However, the network witnessed some concerns as the profitable supply has dipped in the past few weeks amid a plunge in Bitcoin’s price. On Friday, the digital currency dropped below $20,000. As a result, the mean transaction volume (7-day moving average) touched $160,275 on Friday, which is the lowest level in one month.</p><p>Bear Market</p><p>With a drawdown of more than 70% from its all-time high in November 2021, Bitcoin is currently going through one of the worst phases in its history.</p><p>“Bitcoin has now been within a persistent market downtrend for ten months since the ATH in November 2021. This week, Bitcoin spot prices touched the $18,649 level, marking the second-lowest local low at a 72.5% drawdown from the cycle top. Compared to prior bear cyclical bottoms, the 2022 contraction has not been as significant from a percent drawdown perspective. The lows in 2015, 2018 and 2020 reached over 77%+ drawdowns from ATH. However, even with a lower drawdown magnitude, the scale of financial loss in this bear market can be reasonably argued to be the largest in history,” Glassnode mentioned in its <a href=”https://insights.glassnode.com/the-week-onchain-week-37-2022/?&utm_source=gn_twitter&utm_medium=tweet_woc&utm_campaign=woc_37_2022″ target=”_blank”>report</a>.</p>
This article was written by Bilal Jafar at www.financemagnates.com.