Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern
Summary
Glassnode reports that Bitcoin's long-term holders, who hold coins for over 155 days, are distributing their holdings, potentially signaling a market top. This behavior contrasts with short-term holders who react to market events. The LTH Market Inflation Rate metric shows that when it's below 0%, LTHs are pulling coins out of circulation, historically indicating a potential price equilibrium or top. Currently, the LTH Market Inflation Rate is increasing but has not reached significant levels. Glassnode suggests this behavior could have implications for the market. Additionally, Bitcoin's price has retraced to $63,800.
