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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin “Diamond Hands” Have Dumped 84.5k BTC Since FTX Collapse

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Bitcoin

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Data shows the so-called Bitcoin “diamond hands” have shed 84.5k BTC from their holdings since the collapse of crypto exchange FTX.

Bitcoin Long-Term Holder Supply Has Sharply Declined Recently

According to the latest weekly report from Glassnode, the long-term holder supply has observed one of its most significant declines this year in recent days.

The “long-term holder” (LTH) group is a Bitcoin cohort that includes all those investors who have been holding onto their coins since at least 155 days ago, without having sold or moved them.

Statistically, the longer an investor keeps their coins still, the less likely they become to sell them at any moment. Since LTHs make up the group that keeps their coins dormant the most, they are the cohort that’s least probable to dump amid times of pressure.

The “long-term holder supply” is an indicator that measures the total amount of BTC that this group as a whole is holding in their wallets right now.

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Bitcoin Holders Selling At Large Losses, Is Final Capitulation Here?

2 years ago

When the value of this metric slips down, it means LTHs have moved their coins, possibly for selling purposes. While an increase suggests these holders have been expanding their treasuries recently.

Now, here is a chart that shows the trend in the Bitcoin LTH supply over the past year:

Bitcoin Long-Term Holder Supply

The value of the metric seems to have been on the decline in recent days | Source: Glassnode's The Week Onchain - Week 47, 2022

As you can see in the above graph, the Bitcoin LTH supply set a new all-time high of around 13.883 million BTC just a couple of weeks or so ago.

This peak was just before the crash triggered by the fall of crypto exchange FTX initiated. As soon as the price plunge started, however, the indicator’s value also began to go down.

Related Reading

Bitcoin Slips Below $16k As Older Whales Show Signs Of Dumping

2 years ago

This means that the LTHs were dumping their coins, contributing to the price decline. The decrease in their supply has been consistently happening in the last two weeks, suggesting that these resolute holders didn’t slow down even after the initial crash was over.

So far, the Bitcoin LTH supply has gone down by about 84.56k BTC since the ATH was set, taking the metric’s value to 13.799 million BTC.

While this drawdown is significant, it’s still less than the previous three selloffs seen in May, June, and July.

Nonetheless, this is still a sign of weakness from what should be the most resolute holder group in the Bitcoin market, and the selloff also still seems to be underway so it can can possibly even deepen.

BTC Price

At the time of writing, Bitcoin’s price floats around $15.7k, down 6% in the last week.

Bitcoin Price Chart

Looks like BTC has gone down during the past two days | Source: BTCUSD on TradingView
Featured image from Vasilis Chatzopoulos on Unsplash.com, charts from TradingView.com, Glassnode.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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