Long-term holders of bitcoin, or so-called hodlers, have significantly raised their cryptocurrency reserves over the past ten months.
The trend for long-term accumulation of BTC continues to dominate, according to a study by Arcane Research.
The outflow of bitcoins is increasing from cryptocurrency exchanges, which creates conditions for a shortage of BTC supply and the preservation of the upward dynamics of the movement of the coin. Already this year, the cost of bitcoin has almost doubled.
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A study by Arcane Research notes: "Long-term holders of cryptocurrencies are still hoarding bitcoins and are reluctant to sell at current prices."
Even the recent rise in BTC hasn't forced the hodlers to sell their reserves. On the contrary, this category of investors buys on flops. After that, cryptocurrency holders prefer to withdraw it from trading floors.
Bitcoin supply has been declining for the past three years, but players who have been buying coins since January are selling. Arcane Research has come to the same conclusions previously reached by another Glassnode team.