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An analytical provider report says that long-term Bitcoin investors are cutting back their investment and adding to positions. The latest <a href="https://www.cryptoknowmics.com/news/glassnode-data-suggests-bitcoin-holders-unwilling-to-sell-at-current-prices/">weekly</a> Glassnode on-chain news indicates that long-term holders of BTC are at a multi-year market and are not yet saturated with profit-taking. 
<h2>Glassnode Report Says Long-Term Bitcoin Investors Adding to More Positions</h2>
On November 22 a research was released by analytics firm Glassnode which revealed these long-term holders (LTH) appear to be lowering their expenditure while continuing to add to their positions. 

The report focused on Spent Volume Age Bands (SVAB), which are used to determine the age of coins dominating on-chain flows on any particular day. According to Glassnode, the metric can be used to determine when profit-taking or accumulation begins.

Spending of coins older than a month began in November 2020 and ceased in April and May 2021. Since concurrently surging with the BTC all-time high in October, the SVAB measure has fallen to 2.5 percent of daily volume. Glassnode made the following observation.
<blockquote>“This can reasonably be interpreted as longer term holders reducing their spending, and thus are more likely to be adding to positions, not exiting them.”</blockquote>
<img class="" src="https://news.coincu.com/wp-content/uploads/2021/11/Long-term-Bitcoin-holders-at-a-multi-year-high-Glassnode.png" alt="Long-term Bitcoin holders at multi-year high: Glassnode 3" width="947" height="533" />

"As long-term holders keep reducing their spending, this can reasonably be interpreted, and are more likely to be adding to the position, not exiting them."

 Glassnode also mentioned that the entire supply held by short-term holders(STH) is at a multi-year low, at less than 3 million BTC. This, in turn, means that the amount held by LTHs is at a multi-year high. 

"Seeing STH supplies this low while the price is near ATHs is a relatively rare occurrence," according to the research.
<h2>Colin Wu Reports Number of Non-Zero Addresses Reach An All-time High</h2>
Even though short-term investors have profited at "record" highs and broken even at lows during the previous week, the market has yet to become "overly saturated with profit-taking."

The findings suggest that a significant surrender is unlikely to occur anytime soon and that the bulls may have more room to go before the cycle ends.

Despite no withdrawals for more than five months, a report claimed on October 12 that long-term holders held 13.3 million BTC, worth $754 billion at the time. 

 In response to the revelation, Chinese journalist <a href="https://www.cryptoknowmics.com/news/chinas-cryptocurrency-crackdown-what-it-means-for-the-industry/">Colin Wu</a> tweeted on November 22 that the number of non-zero addresses had also reached an all-time high. Despite the asset's 18 percent drop from its mid-October peak price of $69K, this shows that adoption and accumulation are continuing.

https://twitter.com/WuBlockchain/status/1462783508514967555

Long-term Bitcoin Investors are at an All-Time High: Glassnode

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