he latest weekly report from blockchain data platform Glassnode reveals that approximately 9.5% of the total circulating Bitcoin supply—around 1.875 million BTC—was acquired at prices higher than $60,000.
Glassnode divides the supply into short-term and long-term holder groups based on coin-holding duration. Those who have held for less than 155 days are classed as short-term holders, with anything above that timeframe making them long-term holders.
Supply Acquired Above $60k Is Dominated By Short-Term Holders
Unsurprisingly, the chart shows that the vast majority of supply purchased above $60,000 belongs to short-term holders rather than their long-term counterparts. This is likely due in large part to the parabolic rally seen towards the back end of 2021, which pulled in many new entrants at toppy price levels.
However, the data also indicates that some long-term holders held strong after initially buying in late 2021. For these investors who withstood over a year of declines, patience is now undoubtedly paying off as they have steadily crept back toward their entry points over recent months.
Long-Term Holders Reducing Supply Holdings
While short-term holders accumulated supply during the latest upswing, Glassnode notes that long-term holders have been reducing their unrealized profit taking over the last quarter. Around 900,000 BTC has been shed from long-term holdings since December alone.
A sizable chunk of this—approximately 286,000 BTC—can be directly attributed to outflows from the Grayscale Bitcoin Trust (GBTC). With long-term capital gains tax treatment removed for GBTC shareholders last month, it seems many used this as an opportunity to crystallize multi-year profits.
Price Action Remains Uncertain Despite Recent Drops
At the time of writing, the Bitcoin price is hovering around $66,100—down over 3% across the past week. Charts show BTC continuing to pull back after touching $68,500 on April 4th, failing once more to reclaim its year-to-date high of $69,000 set in early November 2021.
Whether this is simply short-term volatility or the beginning of a longer correction is unclear. However, with almost 10% of total supply now residing at average prices well above current levels, market dynamics may start to shift if sellers look to escape at breakeven or marginal loss points.
Overall, the latest Glassnode data highlights both the accumulation that often occurs towards the tail-end of bull cycles, as well as signs that some of the most investors are now looking to take some profits off the table. Where the market heads next will hinge on whether buying interest can absorb the upcoming supply.
