According to analysts, large investors sold about 0.7% of their reserves in a month, despite a 20% decrease in the first cryptocurrency after updating a historical high above $ 69 thousand.
Large long-term holders of bitcoin do not panic over the decline in bitcoin by 20% after updating its all-time high above $ 69K, according to research firm Glassonde. According to analysts, long-term bitcoin investors sold about 0.7% (100 thousand BTC) of their reserves in a month. Glassnode estimates the reserves of large holders at 13.5 million BTC.
Analysts clarified that long-term holders account for about 81.7% of the total Bitcoin supply. 18.3% of the total market supply of the first cryptocurrency is held by short-term holders (buying coins for a period not exceeding 155 days). In the range of $ 56-69 thousand, investors acquired 17% of the Bitcoin market supply.
On the morning of November 19, the bitcoin price updated its local minimum at around $ 55.6 thousand. The last time the cryptocurrency was traded at this level was on October 13. Over the week, bitcoin fell in price by 13%, and its capitalization fell to $ 1.06 trillion.