On-chain analytics company Glassnode announced that long-term Bitcoin holders refuse to sell even though the BTC markets have rallied to a five-month price high.

In its Monday “Week On-chain” report, Glassnode kept in mind that “long-term holders” — BTC purses that have not withdrawn from their account for more than 155 days — are currently resting on almost 13.3 million BTC or 70% of Bitcoin’s supply.

The report points out that long-term holders have grown their collective stockpile by more than 2.37M BTC (approximately $134 billion in today’s prices) over the last seven months. With just 186,000 BTC newly produced by miners during the same period, Glassnode concluded that long-term whales amount to 12.7x more BTC than is created.

Despite long-term holders not selling, Glassnode took note of an uptick in on-chain activity as Bitcoin’s cost rose to a high of $57,860 on Tuesday.

October has seen the number of live addresses on-chain increase 19% to 291,000 — levels not seen because of December 2020’s speedy bull-trend. Glassnode proposed the spike in activity could signify further bullish momentum, specifying:

“More active market participants have historically correlated with growing interest in the asset during early-stage bull markets.”

The report likewise mentioned an increase in median transaction size to approximately 1.3 BTC per transfer, hinting at an increase in institutional-sized capital flows on-chain. Throughout August, the median deal size fell as low as 0.6 BTC per transfer.

Last week, the Bitcoin network registered its most significant daily value settlement ever with $31 billion.

On Tuesday, Glassnode reported that Bitcoin accounts on central exchanges had fallen to a 3-year low of 2.4 million. This further showed that several capitalists are selecting to hodl for higher prices.

Market onlookers have pointed out that whales could be front-running the Bitcoin markets in hopes of a Bitcoin ETF approval this month.

Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.