Hodling hard: Bitcoin’s long-term investors own over 76% of all BTC for the first time
Bitcoin (BTC) is becoming scarcer than ever — whether you are a BTC price speculator or new to the market.
The latest data from on-chain analytics firm Glassnode shows a record portion of the available BTC supply is locked up in long-term storage.
At more than 76%, Bitcoin’s long-term holders (LTHs) control more of the BTC supply than at any point in history.
Despite the supply increasing with every block, in percentage terms, the low-time preference Bitcoin investor cohort has a record market presence.
As noted by Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, the achievement marks a first in Bitcoin’s lifespan.
“A record 76.2% of the Bitcoin network is locked up with long-term holders today,” he wrote on X on Oct. 18.
Edwards referenced the knock-on effect of the LTH record — that coins available for other market participants are getting rarer.
An accompanying Glassnode chart shows LTHs increasing their BTC exposure dramatically from mid-2021 onward, “hodling” through the entirety of the subsequent bear market. Only during brief periods since has the percentage of supply that they control decreased.
In private comments to Cointelegraph, meanwhile, Edwards added that, while demand for Bitcoin itself fluctuates, the trend trajectory is clear.
“I don’t mean demand is the same as 2015. I mean that for the same given demand and a reduced supply means price must go up — supply/demand economics,” he explained.
As Cointelegraph reported, the opposite end of the spectrum to LTHs — short-term hodlers (STHs), or speculators — are also of major interest to market observers.
Related: BTC price models hint at $130K target after 2024 Bitcoin halving
The realized price of the STH cohort has
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