Long-term Bitcoin investors now control the supply of 12,711,385 BTC, a quarter of which they’ve accumulated in the last 30 days. The recent accumulation has taken HODLers’ share in the flagship cryptocurrency to its all-time high, ahead of a much-anticipated surge of over $50,000.
According to Bitcoin Magazine’s Deep Dive newsletter, HODLers have purchased 460,078 BTC in the last 30 days, which took their overall share to the current peak. The last time their supply hit an all-time high was October 2020, when they had racked up 12,656,092 BTC.
In March, long-term holders bottomed out their supplies at 10,903,459 BTC, following which they steadily increased their stock till mass liquidations hit the market in May. However, they soon returned to action and started hoarding the currency as it shaved more than 50% of its value.
Just a few weeks backs, blockchain analytics firm Glassnode reported similar findings on HODLers. The firm used a “Long and Short Term Holder Supply Ratios” indicator to infer that BTC held by long-term holders had reached an all-time high of 82.68%. Meanwhile, short-term holders’ supply continued to plummet, hitting 20% in the process and was suggestive of holding and coin maturation in play.
Analysts are expecting Bitcoin to roar past the $50,000 resistance level before Friday’s $2 billion options expiry. The currency is presently trading at $48,416, after losing 2.65% of its value in the last 24 hours.
At the current price, neutral-to-bullish instruments stand to gain an advantage of $335 million on Friday. However, if BTC bulls manage to break $50,000, the same instruments would gain a $600 million advantage. The net advantage could shrink up to $69 million if Bitcoin’s value dives below $45,000.
As for Bitcoin bears, they might have an opportunity in the next options expiry in September, although that too could swing in the bulls' favor due to El Salvador's adoption of BTC as legal tender.