Data released by Glassnode suggests Bitcoin long-term holder behavior has shifted from accumulation to distribution recently. Bitcoin Long-Term Holders Have Shed 222k Coins Off Their Stack Since May As per a new report from Glassnode, the BTC long-term holders have been spending up to 47k BTC per month in recent days. The “long-term holders” (or LTH in short) refer to the cohort of Bitcoin investors that have been holding onto their coins since at least 155 days ago, without selling or moving them. The “LTH net position change” is an indicator that measures the net number of coins that these HODLers have been selling or buying recently. Related Reading: Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down When the value of this metric is positive, it means LTHs are accumulating right now. On the other hand, the indicator being less than zero implies this group is distributing at the moment. Now, here is a chart that shows the trend in the Bitcoin LTH net position change over the past year: Looks like the metric's value has been red in recent days | Source: Glassnode's Market Pulse, 2022-08-05 As you can see in the above graph, the Bitcoin long-term holders started showing deep distribution behavior following the month of May. However, around three weeks ago, the LTH net position change flipped as these holders began to accumulate. At the peak of this green phase, these investors were hodling ...
