The Glassnode team shared remarkable findings in their latest report. He emphasized that long-term Bitcoin investors did not sell, and stated that this further increased the possibility of Bitcoin's rise. Blockchain data analysis platform Glassnode praised the resilience of Bitcoin investors in market conditions in the latest issue of its weekly newsletter, The Week Onchain. Bitcoin may have experienced a significant decline in the current bull market, but long-term investors called "diamond hands" are not showing any signs of panic.

What's Happening on the Bitcoin Front?
According to Glassnode analysts, looking at Bitcoin's past performance, it appears to be one of the worst performers based on halving dates of the current cycle. “This is the first time the market has breached a new cyclical ATH (all-time high) prior to the halving event in April,” the analysts explained. According to Glassnode's data, long-term Bitcoin holders seem determined to protect their assets. Although the BTC/USD pair fell towards a four-month low of $53,500, long-term holders' determination not to sell their assets remained unaffected.

The news release also stated: “Loss cover events by both long-term and short-term holders accounted for less than 36% of the total capital flow on the Bitcoin network.”

Details and Analysis
According to data from Glassnode, the metric that distinguishes long-term holders and short-term holders is wallet holdings that hold a given unit of Bitcoin for more or less than 155 days. The holdings of short-term holders reflect the more speculative segment of Bitcoin investors. According to Glassnode's analysis, a chart was presented showing that long-term holders were not actively selling during declines in Bitcoin price.

In Glassnode's closing remarks, analysts made the following assessment: "The FTX crash experienced the deepest correction in the market cycle, with only upward price movement for 18 months and indifferent sideways trading for 3 months. However, the declines in our current cycle are a relatively solid underlying market compared to past cycles." "It points to its structure."

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