Cryptocurrency Analyst James Van Straten Notes Bitcoin (BTC) Supply Held by Long-Term Holders Has Reached a Bottom

Van Straten took to Twitter to share his insights on Bitcoin's supply and market trends. He noted that the market has absorbed 1,098,490 BTCs

Accrued Bitcoin ( BTC ) holdings among long-term holders have bottomed out, and an accumulation period is likely beginning, a cryptocurrency analyst said Sunday.

What Happened: Cryptocurrency analyst James Van Straten took to Twitter to share his analysis of Bitcoin's supply and market trends. He said the market has absorbed 1,098,490 BTCs and suggested that the long-term holder supply has now likely bottomed out.

“The market has now absorbed – 1,098,490 $BTC. I think #Bitcoin LTH supply has bottomed out. Supply has now grown over the past week and should now rise from here. 155 days ago was Aug. 3, which was 2 days prior to the Yen Carry Trade Unwind bottom. BTC dropped from $70k to…,” he said in a tweet that also included a chart.

Most analytics firms define long-term holders as addresses that have held Bitcoin for 155 days or more.

Van Straten went on to reflect on past market trends, noting a large drop in the price of Bitcoin from $70,000 to $49,000 that occurred 155 days ago, coinciding with the Yen carry trade unwind. He pointed out that those who bought Bitcoin at that lower price would have seen a 100% return on their investment today.

“If you bought that dip, you're up 100% today. Good work. Now HODL those coins for another 4 years. Come back and check the price again. I bet you'll be very happy,” the analyst said in another tweet.

See Also: Shiba Inu's 2,133% Burn Rate Surge Followed By 10% Price Rise: What's Happening?

Why It Matters: Van Straten's observations come as Bitcoin's long-term holder balance rose by 0.06% in the last 24 hours, according to IntoTheBlock. Additionally, over $137 million in Bitcoin flowed out of exchanges, signaling a preference to HODL.

Long-term holders are often referred to as “diamond hands” and are considered to be more experienced investors in the cryptocurrency markets. This cohort tends to accumulate coins at lower prices during bear markets and distribute them as the bull market gains strength.

At the time of writing, Bitcoin was trading at $98,823.33, up 0.87% in the last 24 hours, according to data from Benzinga Pro.

Some Of The Best Stories To Hit Markets This WeekLike getting the mail in the morning? Get all the must-know market stories delivered to your inbox every morning with Benzinga Pro.

Thisの一部コンテンツは、Benzinga Neuroの支援を一部受けており、Benzingaの編集者によってレビューされ、公開されています。