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Bitcoin Long-Term Holders Have Shed 150k BTC Since LUNA Crash

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Data shows the total supply held by the Bitcoin long-term holders has decreased by 150k BTC since the LUNA crash.

Bitcoin Long-Term Holders Have Dumped A Noticeable Amount In The Last Few Months

According to the latest weekly report from Glassnode, the BTC LTHs have observed a sustained decrease of 150k BTC since the crash in May.

The “long-term holder” (or LTH in brief) group is the Bitcoin cohort that includes all those investors who have been holding onto their coins since at least 155 days ago, without selling or moving them. The holders who sell earlier than this threshold are called the short-term holders (STHs).

LTHs are generally the most resolute investors in the market and thus large selling from them doesn’t happen too often. Generally, the more amount of time a holder has held their coins for (that is, the more aged the LTH has become), the less likelier they become to sell at any point.

Here is a chart that shows the trend in the total Bitcoin supply held by these LTHs during the past year:

The value of the metric seems to have been trending downwards in recent months | Source: Glassnode's The Week Onchain - Week 33, 2022

As you can see in the above graph, the Bitcoin supply owned by LTHs seems to have been mostly moving sideways since around November of last year.

The indicator set a high during the month of May of this year, but since then the metric’s value has been on a steady decline.

The beginning of this sell-off from the LTHs seems to have been around the LUNA and UST collapse, an event that triggered a market-wide crash in crypto.

The report notes that the current 155-day long-term holder threshold lies in March, when the price of Bitcoin observed its first relief rally to $46k since the decline from the all-time high.

While the latest selling from the LTHs amounts to just 150k BTC, which is quite small compared to their total supply of around 13.4 million BTC, the report explains that the LTH reserve doesn’t have to significantly decrease for the cohort to go through a capitulation event.

Related Reading: Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

In past such capitulations, the LTH supply has only slightly decreased with the weakest investors being eliminated, and stronger accumulation filling up for them.

BTC Price

At the time of writing, Bitcoin’s price floats around $23.4k, down 4% in the past week.

Bitcoin Price Chart

Looks like the value of the crypto has been going down in the last few days | Source: BTCUSD on TradingView
Featured image from Dmitry Demidko on Unsplash.com, charts from TradingView.com, Glassnode.com
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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

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Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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Solana Outage Becoming a Recurring Event Worrying Investors

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Solana Achieves 100 Billion Transactions Milestone
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