
Long-term investors continue to buy bitcoin at a brisk pace, leading to market illiquidity, data by blockchain analytics firm Glassnode show.
The HYDLer net position change metric shows that long-term investors or wallets with a history of holding coins for at least 155 days have been accumulating 50,000 BTC per month.
The number of BTC held by long-term holders has reached a new all-time high of more than 14.859 million BTC, which accounts for 76% of the cryptocurrency's circulating supply.
Glassnode said the market is experiencing a sustained regime of coin dormancy.
Dormant coins are those that haven't been spent on a chain in a given period. Coin dormancy is increasing due to longer periods of time in an illiquid state.
It shows a relative weakness of supply-side pressure in the market and the possibility of an exaggerated price rally.
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