{"id":42729,"date":"2021-05-18T19:14:43","date_gmt":"2021-05-18T16:14:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42729"},"modified":"2025-08-31T00:32:03","modified_gmt":"2025-08-30T21:32:03","slug":"glassnode-long-term-investors-ramp-up-purchases-during-bitcoins-current-correction","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-long-term-investors-ramp-up-purchases-during-bitcoins-current-correction\/","title":{"rendered":"Glassnode: Long-term investors ramp up purchases during Bitcoin&#8217;s current correction"},"content":{"rendered":"<p>The current correction was driven by panicked selling among short-term investors, while long-term holders were buying the dip. Analysts at Glassnode concluded as much.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">As Elon Musk reverses his <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> sentiment, we observe new entrants panic selling and hodlers stepping in to buy the dip.<\/p>\n<p>This is a historically significant correction that is testing <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> hodler conviction.<\/p>\n<p>Read more in The Week On-chain\ud83d\udc47<a href=\"https:\/\/t.co\/g8yPbizGbB\">https:\/\/t.co\/g8yPbizGbB<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1394321813774110722?ref_src=twsrc%5Etfw\">May 17, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin&#8217;s pullback from its all-time high (ATH) by 28.3% did not exceed the depth of corrections typical of the previous bull market.<\/p>\n<p>Analysts noted the relative youth of the current uptrend. Its duration has reached 200 days, compared with 365 in the previous bull phase.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1022\" height=\"566\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-1-1.png\" alt=\"Glassnode: \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043d\u0430\u0440\u0430\u0441\u0442\u0438\u043b\u0438 \u043f\u043e\u043a\u0443\u043f\u043a\u0438 \u0432 \u0445\u043e\u0434\u0435 \u0442\u0435\u043a\u0443\u0449\u0435\u0439 \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-135775\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-1-1.png 1022w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-1-1-300x166.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-1-1-768x425.png 768w\" sizes=\"auto, (max-width: 1022px) 100vw, 1022px\" \/><figcaption>Comparison of the durations of bullish phases and the magnitude of corrections in the Bitcoin market. Data: Glassnode.<br \/><\/figcaption><\/figure>\n<\/div>\n<p>The total number of Bitcoin addresses with non-zero balances fell 2.8% from the ATH of 38.7 million.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAbout 1.1 million addresses spent all their coins during this correction. This is another argument in favour of panic selling\u201d<\/em>, the analysts wrote.<\/p>\n<\/blockquote>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1019\" height=\"543\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-3.png\" alt=\"Glassnode: \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043d\u0430\u0440\u0430\u0441\u0442\u0438\u043b\u0438 \u043f\u043e\u043a\u0443\u043f\u043a\u0438 \u0432 \u0445\u043e\u0434\u0435 \u0442\u0435\u043a\u0443\u0449\u0435\u0439 \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-135777\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-3.png 1019w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-3-300x160.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-3-768x409.png 768w\" sizes=\"auto, (max-width: 1019px) 100vw, 1019px\" \/><figcaption>Number of Bitcoin addresses with a non-zero balance. Data: Glassnode.<br \/><\/figcaption><\/figure>\n<\/div>\n<p>Experts drew parallels with 2017. As then, the price reached ATH as the share of coins in the hands of new holders increased. Markets typically reach peaks when a significant portion of assets is in the hands of new holders, they noted.<\/p>\n<p>Unlike the events of three years ago, this year&#8217;s figure rose only to 28% (5.3 million) versus 37% (6.2 million) in 2017. Analysts explained that, on the one hand, this may reflect the influence of rising prices, and on the other \u2014 the risk of a continued pullback within the bullish cycle.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1022\" height=\"553\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-4.png\" alt=\"Glassnode: \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043d\u0430\u0440\u0430\u0441\u0442\u0438\u043b\u0438 \u043f\u043e\u043a\u0443\u043f\u043a\u0438 \u0432 \u0445\u043e\u0434\u0435 \u0442\u0435\u043a\u0443\u0449\u0435\u0439 \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-135778\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-4.png 1022w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-4-300x162.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-4-768x416.png 768w\" sizes=\"auto, (max-width: 1022px) 100vw, 1022px\" \/><figcaption>Total supply of bitcoins held by short-term holders. Data: Glassnode.<br \/><\/figcaption><\/figure>\n<p>A total of 27.5 thousand coins flowed to exchange addresses. This is comparable only with the March 12-13, 2020 sell-offs and the actions of PlusToken operators.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1022\" height=\"556\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-5.png\" alt=\"Glassnode: \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043d\u0430\u0440\u0430\u0441\u0442\u0438\u043b\u0438 \u043f\u043e\u043a\u0443\u043f\u043a\u0438 \u0432 \u0445\u043e\u0434\u0435 \u0442\u0435\u043a\u0443\u0449\u0435\u0439 \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-135779\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-5.png 1022w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-5-300x163.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-5-768x418.png 768w\" sizes=\"auto, (max-width: 1022px) 100vw, 1022px\" \/><figcaption>Net flows to\/from Bitcoin exchanges. Data: Glassnode.<\/figcaption><\/figure>\n<p>Analysts noted a 1.1% increase in the number of addresses that accumulate and do not spend coins \u2014 from 530k to 536k.<\/p>\n<p>The amount of bitcoins held by long-term investors has also resumed growing. Hodlers currently hold 58% of circulating coins. In January 2018, this figure stood at 50%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1023\" height=\"554\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-6.png\" alt=\"Glassnode: \u0434\u043e\u043b\u0433\u043e\u0441\u0440\u043e\u0447\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043d\u0430\u0440\u0430\u0441\u0442\u0438\u043b\u0438 \u043f\u043e\u043a\u0443\u043f\u043a\u0438 \u0432 \u0445\u043e\u0434\u0435 \u0442\u0435\u043a\u0443\u0449\u0435\u0439 \u043a\u043e\u0440\u0440\u0435\u043a\u0446\u0438\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430\" class=\"wp-image-135780\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-6.png 1023w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-6-300x162.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Glassnode-6-768x416.png 768w\" sizes=\"auto, (max-width: 1023px) 100vw, 1023px\" \/><figcaption>Total supply of bitcoins held by long-term holders. Data: Glassnode.<br \/><\/figcaption><\/figure>\n<p>The conclusions of Glassnode analysts were summarised by user @dilutionproof.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cOn-chain data point to activity of short-term holders who capitulated at a loss. Long-term holders and miners are buying the \u2018bottom\u2019,\u201d<\/em> he noted.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The story of this <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> dip in 4 charts \u26d3\ufe0f<\/p>\n<p>Most of the on-chain volume came from short-term holders that ended up capitulating at a loss \ud83e\udea6<\/p>\n<p>Meanwhile, long-term holders &#038; miners are stacking sats at an increasing pace, clearly buying the dip \ud83d\udcaa <a href=\"https:\/\/t.co\/TSa37T17nV\">pic.twitter.com\/TSa37T17nV<\/a><\/p>\n<p>\u2014 Dilution-proof (@dilutionproof) <a href=\"https:\/\/twitter.com\/dilutionproof\/status\/1394194249097388038?ref_src=twsrc%5Etfw\">May 17, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Glassnode stressed that the current correction is significant in historical retrospect. The ongoing discussions about <a href=\"https:\/\/u1f987.com\/en\/news\/tesla-halts-bitcoin-car-sales-and-roils-the-market\">ecological sustainability of Proof-of-Work<\/a> are testing the market&#8217;s resilience. Long-term investors were not unsettled by this news backdrop, they concluded.<\/p>\n<p>Guggenheim Partners warned of a possible correction to <a href=\"https:\/\/u1f987.com\/en\/news\/guggenheim-partners-warn-of-possible-bitcoin-correction-to-20000\">to $20,000<\/a>. At the same time, the firm has not changed its long-term forecast for Bitcoin to reach <a href=\"https:\/\/u1f987.com\/en\/news\/guggenheim-partners-projects-bitcoin-to-reach-600000\">$400,000 \u2013 $600,000<\/a>.<\/p>\n<p>Subscribe to the ForkLog channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current correction was driven by panicked selling among short-term investors, while long-term buyers were buying the dip. Analysts at Glassnode concluded as much.<\/p>\n","protected":false},"author":1,"featured_media":42730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1273,1268],"class_list":["post-42729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-glassnode","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42729"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42729\/revisions"}],"predecessor-version":[{"id":42731,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42729\/revisions\/42731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42730"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}