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In its Monday “Week On-chain” report, Glassnode kept in mind that “long-term holders” — BTC purses that have not withdrawn from their account for more than 155 days — are currently resting on almost 13.3 million BTC or 70% of Bitcoin’s supply.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

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