Bitcoin’s long-term holders have just reached a major milestone, collectively spending over $10 billion.
Here’s what happened: In the latest cryptocurrency news, CryptoQuant analyst Amr Taha recently highlighted that, for the first time ever, the realized capitalization of these long-term holders has surpassed $10 billion.
According to Bitbo, the realized cap measures the price at which each Bitcoin was last sold, providing insight into market sentiment when compared to Market Cap.
Long-term holders—those who have held Bitcoin for over 155 days—are known for their resilience. Taha noted that once this 155-day threshold is crossed, the chances of these holders selling during short-term market fluctuations drop significantly.
As Bitcoin entered a 29-day streak trading below $69,000 on July 30, the selling pressure from long-term holders decreased by 3.7 times, as reported by another CryptoQuant analyst, Axel Adler.
At the time of writing on August 28, Bitcoin was trading at $59,404, down 5.47% in the past 24 hours. The asset has also dipped slightly on the week, by 0.11%, after reaching a high of $64,791, according to CoinMarketCap.
Currently, Bitcoin’s price sits about 8% below the average $64,490 that long-term holders paid, according to ChainExposed data. Despite this, many in the crypto community believe the further downside is possible, pushing long-term holders to cling to their positions in hopes of better profit-taking opportunities.
In the latest crypto news, the $50,000 level is seen by many traders as a crucial support point; if breached, it could send Bitcoin into a zone of uncertainty. This development follows a June report from Glassnode, revealing that approximately three-quarters of all circulating Bitcoin hasn’t been moved for six months or more.
