• Long-term holder supply of Bitcoin has reached an all-time high of 14.463M.
• Short-term holder supply has dropped by 300K coins.
• LTHs at the bottom of the cycle showed unwavering conviction during the FTX collapse.
Long-term Holder Supply Hits All-Time High
Bitcoin long-term holder (LTH) supply has hit an all-time high of 14.463 million coins, according to data from Glassnode. This is an increase of 300,000 coins from April 12th, which was 155 days after the FTX collapse. At the same time, short-term holder supply has dropped by 300,000 coins as well. This indicates that investors are showing unwavering conviction even in challenging times for Bitcoin and cryptocurrencies in general.
Put Premium Suggested By 25D Skew
Analysis from Glassnode also suggests that Bitcoin’s 1-month 25D skew suggests a “Put Premium”, meaning that investor sentiment may be shifting towards expecting a decline in prices over the coming months. This could be due to a number of factors such as geopolitical risks or macroeconomic uncertainty caused by ongoing debt ceiling negotiations or other economic events.
Record High Difficulty & Hash Rate
At the same time, Bitcoin difficulty has hit a record high as hash rate surged to 350 TH/s. This is indicative of increased activity on the network as more miners join in order to maintain their profits with increasing rewards from block rewards and transaction fees due to higher demand for transactions on the network.
Mass Exodus Of 2 3M BTC From Exchanges
A mass exodus of Bitcoin is also happening as 2.3 million BTC leaves exchanges and balance plummets below 12%. This could indicate that investors are taking their funds off exchanges and moving them into private wallets for safekeeping or further investment purposes due to uncertain market conditions caused by geopolitical risks and other economic events outside its control such as those related to debt ceiling negotiations between governments around the world.
Historical Look At Reaction To Debt Ceiling Negotiations
Finally, it’s important to take a historical look at how Bitcoin typically reacts when governments engage in debt ceiling negotiations given its decentralized nature and relatively low correlation with traditional markets like stocks or commodities since it operates under different economic principles than those used by governments or central banks around the world . Overall, this could present opportunities for investors if they are able to properly identify when these events will take place and adjust their strategies accordingly in order to capitalize on potential changes in price action caused by these types of events.