Bitcoin Hodlers Add $8 Billion
Long term bitcoiners have been buying the dip during much of this month according to blockchain data analytics as pictured above.
Some 221,598 bitcoins have been accumulated recently, worth more than $8 billion at the current price.
At the same time the sum of short term holders has fallen by 256,255 bitcoin, in part because some of it has become long term holdings according to data from Glassnode.
So suggesting a lot of the recent price action may be due to speculation, with traders trying to pick tops and bottoms.
Much of the rest may have accumulated with a longer time-frame in view as the shakeout and correction might slowly change sentiment towards the longer term direction.
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