Journalist
Posted:
- Long-term BTC holders hold 69% of the circulating supply.
- BTC’s price declined over the weekend and is currently traded at around $26,100.
The Bitcoin [BTC] price has recently been fluctuating within a range of either $27,000 or $30,000. During this period of price volatility, both onlookers and long-term BTC holders have witnessed the cryptocurrency’s struggle to break free from this range. Despite these price challenges some dedicated holders have chosen to retain their BTC holdings.
How much are 1,10,100 BTCs worth today
Long-term Bitcoin holders retain a large share of the supply
Recently, IntoTheBlock published data shedding light on the impressive resilience of long-term Bitcoin holders. It also showed the significant portion of the cryptocurrency supply they currently possess.
According to this data, these committed holders are in possession of an astonishing 13.44 million BTC. Also, this equated to a staggering value of over $355 billion at the time of this report. Additionally, their collective holdings constituted a remarkable 69% of the circulating supply, as per the statistics provided.
Furthermore, according to CoinMarketCap, the total circulating supply of BTC was over 19.4 million. Also, the market capitalization was above $500 billion as of this writing.
Analyzing the Bitcoin MVRV Ratio
Santiment’s data revealed that among long-term Bitcoin holders, two distinct categories were experiencing varying levels of profitability.
Looking at the 180-day Market Value to Realized Value ratio (MVRV), holders falling within this timeframe were currently holding their assets at a loss. This was evident from the chart, which displayed a value below the zero line, specifically at -5.9%.
Source: Santiment
On the other hand, the 360-day MVRV Ratio presented a more optimistic picture, suggesting that BTC holders in this particular category had more profitable holdings. At the time of report, the chart reflected a figure of almost 6%, indicating a favorable outlook for these longer-term Bitcoin holders.
BTC holders continue to increase
The number of Bitcoin holders has shown a notable increase despite the ongoing price fluctuations, as indicated by the Santiment chart.
Source: Santiment
Is your portfolio green? Check out the BTC Profit Calculator
Presently, the total count of Bitcoin holders stands at nearly 50 million, as observed in the chart. This marked a substantial growth compared to the approximately 43 million holders recorded at the beginning of the year in January.
At the time of writing, the price of Bitcoin was hovering around $26,100, reflecting a minor decline of nearly 1%. Examining the daily timeframe chart, it becomes evident that over the weekend, Bitcoin had experienced a decrease of slightly more than 1%.
