- Amid the recent volatility and turbulence, Bitcoin long-term holders continue to hold with diamond hands.
- Bitcoin whales have continued to add BTC to their bags on every dip while miners have been moving coins to exchanges.
Over the past few weeks, Bitcoin (BTC) has gone through some major turbulence on a few macro events and the high-handed regulatory action by the U.S. SEC. While weak hands might be selling their BTC in this current selling pressure, long-term holders continue to hold with diamond hands.
On-chain data traced by Glassnode shows that the total percentage of Bitcoin Long-Term Holder Supply sent to the exchanges remains low at just about 0.004 percent. It notes:
The percentage of #Bitcoin Long-Term Holder Supply sent to Exchanges remains extremely quiet at 0.004%. This highlights the profound inactivity of the cohort amidst elevated market distress, remaining indifferent to the #Binance and #Coinbase regulatory charges.
Courtesy: Glassnode
As per Glassnode’s definition, long-term holders are the ones who have been holding Bitcoins for a period of at least 155 days without liquidating anytime in between. This Glassnode data also shows that long-term holders remain unfazed by the recent SEC action on two of the world’s biggest exchanges – Coinbase and Binance.
Investors are feeling nervous because there isn’t clear regulation for crypto tokens. US regulators consider Bitcoin as a commodity, but the SEC Chair believes that most other tokens should follow investor-protection laws and trading platforms should register with the regulator.
The recent actions taken by the SEC against Binance and Coinbase, along with Robinhood’s decision to remove some altcoins from its platform, have made investors even more uncertain and worried.
Bitcoin Whales Add More On Dips
While the Bitcoin (BTC) price has remained under selling pressure over the last month, whales have been adding on every dip making the most of this opportunity. On-chain data provider Santiment explains:
As #altcoin madness has ensued, there quietly is a #bullish divergence between Bitcoin‘s accumulating whales and falling price. With whale holdings moving up by ~1K $BTC per day while prices fall, there is reason to believe a strong rebound can occur.
Courtesy: Santiment
On the other hand, it turns out that Bitcoin miners have been sending a significant amount of coins to the exchanges and the largest inflow was equal to $70.8 million. This could be a sign of caution for investors as miner inflows at exchanges could lead to further price correction.
The Glassnode report notes:
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This is the 3rd largest inflow on record, -$30.2M less than the peak inflow of $101M recorded during the primary bull market of 2021.
Amid the recent SEC action on Coinbase and Binance, altcoins have suffered a major blow in comparison to Bitcoin. This is because the SEC has referred to some of the top altcoins as securities. As a result, Bitcoin’s dominance in the overall crypto space has shot up moving closer to 50 percent.
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