Glassnode highlighted that the long-term holders’ supply ticked down for the second consecutive time in May, indicating growing, weakened conviction among seasoned holders. The decline comes after the holders’ supply surged from 13.66 million BTC in the middle of March to about 14.29 million BTC.
The Bitcoin Long/Short-Term Holders On-Chain Basis metric, which represents the average purchase cost of Bitcoin held for 155 days or more, has been increasing persistently, suggesting that long-term holders are steadily accumulating the asset at higher price levels. According to Glassnode, this reflects the aging of coins purchased between the $90,000 to $100,000 price range transitioning into long-term status.
