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🪙Bitcoin held in long-term holder wallets has topped $10 billion amid its price falling below $60,000.
Long-term Bitcoin holders have, in total, spent a milestone $10 billion to buy the cryptocurrency and have been pulling back from selling as its price retreats from its 2021 all-time highs, says an analyst.Long-term holders are those who’ve held Bitcoin for over 155 days.
Taha explained that once holders have crossed the 155-day mark, “the likelihood of selling decreases significantly, meaning these holders are less likely to sell during short-term market fluctuations.”
Since Bitcoin began its 29-day streak of trading below $69,000 on July 30, selling pressure from long-term holders has “decreased 3.7 times,” fellow CryptoQuant contributor Axel Adler noted on Aug. 27.
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