Glassnode Analyst: Looking at the progress of the Bitcoin bull market from the supply of long-term holders

%After Bitcoin (BTC) broke through the historical high of US$69,000 in the 2021 bull market in March, it hit a new historical high of US$73,777, sounding the bull market horn. Despite the recent continuous shock and correction, it hit US$870,000 again in the early hours of this morning, temporarily falling by US$569,648, ushering in a 24-hour increase of 0.3%.

With the Bitcoin halving approaching in the middle of the month, the market is currently paying close attention to which stage of this bull market BTC is currently in? In this regard, @_Checkɱate, an analyst at the cryptocurrency analysis agency Glassnode, posted on X earlier today (8th) that this may be a clue from the "positions of long-term holders."

Glassnode Analyst: Looking at the progress of the bull market from the supply of long-term holders

@_Checkɱate pointed out that this time Bitcoin broke through the historical high, it was almost the same as the previous ATH, and the long-term �%

In the last two weeks, new demand for Bitcoin has been able to absorb sellers of holders (LTH) in about 6-8 months, while also recommending price growth. Considering that typical LTH supply drops by 14%, I would estimate that we are currently about 40% of the way through this process.

##The supply of long-term holders (holding positions for more than 6 months) has dropped significantly like the previous two bull market cycles, and the BTC price has pushed up at the same time

Bitcoin long-term holder supply is currently down by approximately 6%

GBTC accounts for approximately 25% of long-term holder spending

@_Checkɱate also It was added that the capital flow situation of Grayscale GBTC and other Bitcoin spot ETFs is also similar to the supply distribution situation of long-term holders after breaking through ATH in previous cycles. According to calculations:

• GBTC (red in the picture below) is about 25% of LTH expenditure (blue in the picture below)

• ETF demand (below) Green in the picture) accounts for about 40% of the net capital inflow (yellow in the picture below)

##If @_Checkɱate’s judgment is correct, plus spot ETF funds continue Driven by net inflows and the halving narrative, BTC prices are expected to hit new highs.

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