Glassnode Reports: Over 10% of Bitcoin Acquired Above $60,000

Insights from Glassnode, a leading on-chain analytics firm, reveal that approximately 9.5% of the Bitcoin supply has changed hands at prices exceeding $60,000.

Analysis indicates that a substantial portion, equivalent to 1.87 million Bitcoin, was acquired at levels surpassing the $60,000 threshold. This data, presented in Glassnode’s latest weekly report, offers a breakdown of Bitcoin supply distribution based on the price points at which investors made their purchases.

Glassnode delineates between short-term holders (STHs) and long-term holders (LTHs), representing the two primary segments of the Bitcoin market categorized by the duration of coin ownership. The division occurs at 155 days, with investors holding their coins for less than this duration classified as STHs, while those holding for longer periods fall under the LTHs category.

Significantly, the chart illustrates that the majority of Bitcoin acquired above $60,000 belongs to STHs, although there are notable holdings by LTHs, reflecting investors who entered the market during the 2021 bull run.

Remarkably, some investors who purchased at the peak of the 2021 bull market have demonstrated resilience by holding onto their investments, despite facing prolonged periods of market volatility. Their patience has now yielded positive results, as they approach breakeven or profitable positions amidst recent price movements.

The surge in acquisitions at these high price levels can be attributed partly to Bitcoin’s recent sharp rally, which has captured considerable attention and spurred increased buying activity. Additionally, significant inflows into Bitcoin spot exchange-traded funds (ETFs) have contributed to the accumulation at these elevated prices.

Traditionally viewed as steadfast holders, LTHs have shown signs of reducing their holdings, as evidenced by a decline of 900,000 BTC since December. Glassnode highlights that a portion of this reduction, approximately 286,000 BTC, can be linked to outflows from the Grayscale Bitcoin Trust (GBTC).

As of the current writing, Bitcoin is trading at approximately $66,300, marking a slight decrease of over 3% over the past week.