Research shows Bitcoin ‘diamond hands’ reduce selling by almost 50% at $73.8K

Bitcoin investors with “diamond hands” are not showing signs of selling, even as the price of BTC hovers near its all-time high of $73,800, according to new research from on-chain analytics firm Glassnode. The research reveals that the selling pressure from long-term holders (LTHs) is only half as intense as it was during previous bull market peaks. Despite being in profit by an average of 3.5 times, LTHs are not selling BTC at a rate that would make the current bull market unsustainable. Glassnode’s market value to realized value (MVRV) metric suggests that LTHs will soon reach historically high levels of unrealized profit. In previous bear-to-bull market transitions, LTHs typically trade above 1.5 but below 3.5, a phase that can last for one to two years. However, even at the recent peak of $73,800, LTHs were not distributing as heavily as they did during previous bull market blow-off tops. The report also highlights the ongoing selling pressure from investors in the Grayscale Bitcoin Trust (GBTC), which has lost its position as the leading spot Bitcoin exchange-traded fund by assets under management. Despite this, Glassnode expects LTHs to continue their investment trend, as sell-side pressure has noticeably decreased. This article does not provide investment advice and readers should conduct their own research before making any decisions.