FameEX Hot Topics | Long-Term Bitcoin Holders Accumulate $10 Billion in Purchases

Long-term Bitcoin holders have collectively invested a notable $10 billion to acquire the cryptocurrency, signaling a major milestone in the market. These investors, who have held their Bitcoin for over 155 days, are showing a strong reluctance to sell, even as Bitcoin's price has pulled back from its 2021 all-time highs. According to CryptoQuant contributor Amr Taha, this marks the first time the realized capitalization of long-term holders has exceeded $10 billion, as reported on August 27.

Taha explained that after holding Bitcoin for 155 days, the likelihood of selling drops significantly, making these investors less reactive to short-term market fluctuations. This pattern has been especially noticeable since Bitcoin began trading below $69,000 on July 30, resulting in a significant decrease in selling pressure from long-term holders. Fellow CryptoQuant contributor Axel Adler observed a 3.7-fold reduction in selling pressure during this period.

Currently, Bitcoin's price is about 8% lower than the average price paid by long-term holders, which is $64,490 according to ChainExposed data. Despite this, some traders believe the price could fall further, potentially leading long-term holders to continue holding out for better profit opportunities.

Pseudonymous crypto trader Rekt Capital warned that Bitcoin might "retrace deep enough to convince you that the Bull Market is over." Traders are keeping a close eye on the $50,000 level, considered a crucial support. A break below this level could push Bitcoin into a zone of uncertainty. This caution comes after a June report from Glassnode found that nearly 75% of all circulating Bitcoin has remained unmoved for at least six months.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.