359,000 BTC Turns Long-Term As Market Swallows New Supply
The post 359,000 BTC Turns Long-Term As Market Swallows New Supply appeared on BitcoinEthereumNews.com.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure The Bitcoin (BTC) market was highly bullish in the last week, with prices leaping by over 10%. Amidst this positive development, there has been notable investor activity, which points to an unyielding demand that could support a sustained price uptrend. BTC Supply Shake-Up: Long-Term Holders Increase, New Buyers Step In Above $92K In a recent X post, popular crypto pundit Axel Adler Jr. shared some interesting on-chain insights on the Bitcoin market. Using data from CryptoQuant, Adler reports that the market supply of short-term holders decreased by 359,000 BTC, valued at $33.84 billion, over 16 days between April 4-21. Interestingly, this decline was not due to selling pressure but rather coin maturation, resulting in a transition to the long-term holders category. This is a positive market signal indicating that holders are confident in Bitcoin’s long-term prospects. By opting against selling, holders are strengthening the underlying market demand, providing a solid foundation for future price rallies. Source: @AxelAdlerJr on X In another interesting development, Axel Adler Jr also noted that BTC short-term holders’ supply grew by 70,000 BTC, valued at $6.59 billion, in the last two days following Bitcoin’s latest price rally. The analyst explains that this increase resulted from profit-taking by long-term holders via redistribution as prices climbed. Importantly, short-term holders have effectively absorbed this new supply, signaling strong demand in the Bitcoin market. This demand is highly reflected in Bitcoin’s ability to remain above $92,200, the short-term holders’ cost basis, representing the average acquisition price for their holdings. This indicates a robust market confidence as new buyers are aggressively stepping into the market, expanding the STH cohort. Overall, the combination of significant coin maturation, healthy redistribution, and Bitcoin’s resilience above the short-term holders’ cost basis highlights…
