Bitcoin Long-Term Holders Add 254K BTC, Showing Confidence Despite Price Volatility

Bitcoin's long-term holders are doubling down on their conviction, accumulating over 254,000 BTC that has now aged beyond 155 days.

output: Long-term holders (LTHs) have been busy accumulating Bitcoin (BTC) despite the crypto's price volatility, new data from on-chain analytics firm Glassnode shows.

In a recent tweet, Glassnode highlighted that a cohort of BTC that has now aged beyond 155 days has seen a net addition of 254,000 coins. This suggests that many of these purchases occurred above the $95,000 mark, at which levels BTC was trading during recent highs.

However, spending by these holders remains light, a signal of growing confidence and minimal appetite for de-risking at current price levels.

The chart provided by Glassnode shows that after a drop earlier this year, the balance of long-term holder (LTH) coins has started to climb again. This suggests that a new cohort of holders entered the market, and previous holders chose to retain their positions rather than sell into strength.

Historically, rising LTH balances align with bullish sentiment and longer-term price support. LTHs are less reactive to short-term volatility, which further contributes to the narrative of Bitcoin becoming an asset class held for strategic, long-term goals.

This behavior also speaks to the increasing maturity of the market. The fact that these holders aren't taking profit even after significant gains suggests an optimistic outlook on even higher long-term valuations.

Indeed, a large portion of these LTH coins were accumulated at prices above $95,000, yet these holders appear undeterred by recent corrections. This could form a significant bedrock of support for Bitcoin’s price in the long run.

In essence, the ongoing accumulation by LTHs could be a stabilizing factor as Bitcoin navigates its next bull cycle.

If history is any guide, this kind of "silent" accumulation often precedes major price rallies.