According to Cointelegraph: Bitcoin held in long-term wallets has surpassed $10 billion in value, even as the cryptocurrency's price has dipped below $60,000. This marks a significant milestone for long-term Bitcoin holders, who have collectively spent over $10 billion on the asset and are showing a strong tendency to hold rather than sell, despite recent market fluctuations.
Bitcoin’s price has fallen below the crucial,000 level that traders have watched closely. Source: CoinMarketCap
According to an Aug. 27 analysis by CryptoQuant contributor Amr Taha, this is the first time the realized capitalization of long-term holders has exceeded $10 billion. The realized cap reflects the price at which each Bitcoin was last sold and is often used to gauge market sentiment.
Long-term holders, defined as those who have held Bitcoin for over 155 days, are less likely to sell during short-term market dips. Since Bitcoin started trading below $69,000 on July 30, the selling pressure from these holders has decreased by 3.7 times, according to another CryptoQuant analyst, Axel Adler.
Currently, Bitcoin is trading at around $59,404, down 5.47% in the past 24 hours and 0.11% over the past week. This price is approximately 8% lower than the $64,490 average that long-term holders paid, as reported by ChainExposed.
Despite the recent price drop, many traders believe the market could see further declines, potentially forcing long-term holders to continue holding out for better profit opportunities. Some traders view the $50,000 level as critical support; a break below this could introduce further uncertainty in the market.
This trend follows a June report by Glassnode, which found that about 75% of all circulating Bitcoin had not been moved in over six months, indicating strong holding behaviour among Bitcoin investors.
