Bitcoin’s 20% correction did not push long-term investors to trigger massive sales.
17% of Bitcoin investors purchased BTC in the range from $56,000 to $69,000, While 83% bought bitcoin from the $20,000 to $45,000 range which are still in profit.
When the #Bitcoin market experiences a large sell-off, the change in profitable supply indicates of how many coins have an on-chain cost basis above the current price.
Since the ATH, over 17% of the $BTC supply has fallen underwater, leaving 83% of the supply in profit.
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— glassnode (@glassnode) November 19, 2021
Glassnode shares details that long-term holders have accumulated 13.5M BTC in past months and they have only distributed 100k BTC over the last month, which is only 0.7% of their total holdings.
However, even after a near 20% correction (-$13.5k) off the ATH, Long-Term Holders do not appear to be spending their coins in panic.
After peaking at 13.5M $BTC, LTHs have only distributed 100k $BTC over the last month, representing just 0.7% of their total holdings.
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— glassnode (@glassnode) November 19, 2021
According to Glassnode the vast majority of long-time holders remain in profit, holding 78.7% of BTC in profit. Only 3% of the supply is held by short-time holders that are at a loss. Short-time holders who bought the top currently hold the majority of BTC at an unrealized loss.
As a proportion of supply (excl. exchanges), the vast majority of LTHs remain in profit, holding 78.7% of $BTC in profit.
Only 3% of the supply is held by LTHs at a loss.
STHs who bought the top currently hold the majority of all $BTC at an unrealised loss.
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— glassnode (@glassnode) November 19, 2021