Glassnode, a data analysis company, has revealed that a whopping 9.5% of Bitcoin’s total supply was purchased when the price was above $60,000. That’s a staggering 1.87 million Bitcoin!
Short-Term and Long-Term Holders
The data shows that the majority of these high-priced purchases were made by short-term holders (STHs), who bought their coins within the last 155 days. However, there are also some long-term holders (LTHs) who bought during the 2021 bull run and have held on through the ups and downs.
Reasons for High Purchases
The recent surge in interest in Bitcoin, as well as the inflows into Bitcoin spot exchange-traded funds (ETFs), have contributed to the large number of purchases at high prices.
Long-Term Holders Selling
While LTHs are typically known for their patience, they have recently been selling off some of their supply. Since December, they have sold about 900,000 BTC, with a significant portion coming from the Grayscale Bitcoin Trust (GBTC).
Current Bitcoin Price
As of this writing, Bitcoin is trading around $66,100, down over 3% from last week.
