Move over, paper hands! It seems like the long-term holders of Bitcoin (BTC) are not ready to let go of their digital gold just yet. According to recent on-chain data analysis by CryptoQuant community author, these diamond hands are not sending their holdings to exchanges.
Bitcoin (BTC) long-term holders are not selling; bullish?
You know what they say, “Once a Bitcoin holder, always a Bitcoin holder.” Well, at least for those who’ve been holding BTC for seven years or more. Pseudonymous crypto researcher Crypto SunMoon, a featured CryptoQuant community author, shared this juicy tidbit today, Feb. 1, 2025.
Long-term Bitcoin holders are not yet selling their holdings
“Holders who have held bitcoin for seven years or more sold some of their holdings before the end of the previous bull market.” – By @t0_god
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— CryptoQuant.com (@cryptoquant_com) January 31, 2025
According to Crypto SunMoon, during the 2017-2021 crypto rally, long-term holders started selling their riches right before the bullish phase ended. But guess what? We’re not even close to that stage yet, data says!
As demonstrated by the researcher, the latest major inflows to centralized exchanges driven by long-term holders were registered in late Q1, 2024. However, they were not as impressive as those that accompanied the previous BTC all-time high in November 2021.
In some of the largest altcoins, similar processes are dominating on-chain supply. For instance, over 70% of both Ethereum (ETH) and Litecoin (LTC) owners have been holding their riches for 12 months minimum.
As such, various groups of long-term holders are demonstrating confidence in the crypto rally, while the selling pressure comes mainly from “paper hands.”
USDT, USDC metrics look optimistic for Bitcoin (BTC) bulls
While Bitcoin (BTC) inflows to exchanges look pale, major stablecoins, including USDT and USDC, are revealing the opposite trend. In the last three months, USDT supply on CEXes jumped by 40% and reached an all-time high over $43 billion.
The aggregated supply of stablecoins is also growing at an increased pace. Since early November 2024, it increased from $160 billion to $224 billion, as per CoinGecko data.
While USDT remains the largest stablecoin, USDC is the fastest-growing one. Combined, their capitalization upsurges are also treated as a sign of a prolonged bull market for Bitcoin (BTC) and major altcoins.
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2025-02-01 17:02