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As Bitcoin approaches its previous all-time highs, the famous “diamond hands” — a term in cryptocurrency lingo that refers to long-term holders (LTHs) — are showing remarkable restraint, selling their holdings at a significantly lower rate than they were in the markets. Previous ascender.
According to another analysis According to on-chain analytics firm Glassnode, despite a valuation approaching $70,000, selling pressure from these sophisticated investors remains weak.
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The phenomenon of “diamond hands” holding steady as Bitcoin reaches significant price levels is not new but remains a cornerstone of market stability.
LTHs, defined by Glassnode as wallets that have held Bitcoin for more than 155 days, display investment maturity that supports market resilience.
Even with the price of Bitcoin It hovers around $67,722– down 3.5% over the past week but still up slightly by 0.6% over the past 24 hours – these investors are in no rush to withdraw money.
In addition, the Glassnode report highlights that long-term holders have not yet reached a level Point of sale Which usually precedes a market decline.
The market cap to realized value (MVRV) ratio, a reliable metric for measuring Bitcoin’s long-term profitability, indicates that many LTHs are reaping significant unrealized profits. Historically, LTHs start selling off once this ratio reaches certain high levels, which has not happened yet despite the recent peak.
Interestingly, during the rally to $73,800 in March – the all-time high – long-term bondholders were not the primary sellers. Glassnode noted that only 519,000 BTC were sold by LTHs during this period, which is much lower than in previous bull periods, where monthly sales approached nearly 1 million BTC.
Of this amount, 519,000 BTC were sold, “20% coming from Grayscale ETF holders,” Glassnode reported. This restrained selling behavior is significant, indicating a strategic approach to hold and believe in further price appreciation.
The future holds optimism
Going forward, Glassnode expects LTHs to continue to play a pivotal role in market dynamics. Their recent behavior indicates a shift towards… Reaccumulation After a large distribution around the all-time high of $73,000.
Such patterns underscore a complex strategy: Bitcoin’s most steadfast supporters may be gearing up for another round, Expect higher highs exceed current levels.
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Amid these developments, cryptocurrency analyst Cryptorphic predicted the existence of Bitcoin Up to $156,000 by May 2025Adding to the sentiment around Bitcoin, which remains interestingly bullish.
#Bitcoin It could reach $156,000 by May 27, 2025!
These green boxes represent the price action after that #Bitcoin Half. We have never had a red year after the halving.
The Bitcoin halving is an important event, and here are the percentages of Bitcoin’s price increase one year after each halving… pic.twitter.com/QEmNN8OuP2— Cryptorphic (@Cryptorphic1) May 27, 2024
Featured image created with DALL·E, chart from TradingView
