Glassnode: long-term investors keep hoarding bitcoins

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Long-term investors are reducing the outflow of coins from their wallets and continue to accumulate bitcoins. Now the reserves of BTC in the wallets of such investors are at a multi-year high.

Since October, the number of bitcoins sent from wallets of long-term investors has been steadily declining, according to a report by analyst firm Glassnode. Usually, when the bitcoin rate is near historic highs, the stocks of coins in the wallets of short-term investors grow. However, now the amount of BTC on such addresses is less than 3 million.

According to analysts, this indicates that long-term investors are waiting for the continued growth of the first cryptocurrency and are in no hurry to fix profits. Accordingly, the market is experiencing a shortage of supply, and this is one of the most accurate signals of a bullish cycle.

Also, how reported Chinese journalist Colin Wu on Twitter, the number of Bitcoin wallets with a non-zero balance also continues to grow. The indicator recently hit a record 38.65 million despite a market correction. This indicates the interest of new investors in the first cryptocurrency.

Recently, a popular cryptocurrency analyst under the pseudonym PlanB stated that the first cryptocurrency could reach $ 500,000 early next year.

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