- Glassnode said that HODL sentiment prevails in the bitcoin market. Long-term wallets grew by 62,882 BTC.
- In total, these addresses control 75% of the asset’s circulating supply. The agency also noted that further volatility in the price trend is unlikely.
The balance for wallets that hold bitcoins for more than 155 days increased by 62,882 BTC in July 2023, according to Glassnode:
Long-term supply of bitcoin holders
The figure reached a new all-time high of 14.52 million BTC. The previous ATH was recorded in May 2023 (14.48 million BTC). That means long-term holders control 75% of the asset’s current supply.
Thereby, sentiment for holding rather than selling the asset prevails in the market, Glassnode emphasized. It also confirms the increased flow of funds to wallets with low liquidity, little or no transaction history, the agency said.
Remember, on July 24, 2023, bitcoin’s exchange rate collapsed to $29,000 at a moment’s notice. Experts expect a further fall amid a possible interest rate hike by the Fed.
It is noteworthy that Glassnode considers further volatility in the price trend to be unlikely. This is indicated by the fact that only 0.42% of trading hours saw a narrower price range than the monthly average:
30-day bitcoin price range