Glassnode: Long-term Bitcoin holders have accumulated profits of 30%-40% during the bull market

Odaily News Glassnode’s analysis shows that Bitcoin has been trading sideways since hitting an all-time high of $73,794 in March this year. By early May, demand momentum had turned negative, indicating a possible bearish trend. Cost basis analysis for short-term holders (STH) shows a large outflow of capital during this period. The report further highlights the role of long-term holders (LTH) in the market. Although this group only accounts for 4%-8% of daily on-chain transactions, it accounts for 30%-40% of the cumulative profits during the bull market. The researchers said this highlights the concentration of wealth in older Bitcoins and its gradual return to diamond hands over time. In addition, the data shows that the current market structure (spot price is below the cost basis level) has historically led to a deterioration in investor confidence. Glassnode’s analysis also examined the behavior of LTH in different market stages. The study highlighted that the frequency of high spending days for LTH increased during the excitement phase of the bull market, "highlighting a relatively consistent behavioral pattern of long-term investors taking profits during periods of rapid price appreciation." (Bitcoin.com)