Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock
Bitcoin (CRYPTO: BTC) is consolidating under $41,000, as the percentage of long-term holders in the market continues to increase. On-chain data from Glassnode shows us this, as the illiquid supply shock ratio is rising dramatically. This ratio shows us the proportion of supply that is being absorbed by entities with a low statistical history of spending their BTC. This ratio has been in a constant uptrend since May 2021 and has risen almost vertically over the past couple of weeks. This adds confluence to the idea of long-term holders accumulating Bitcoin at these prices, hence suggesting a bullish market structure for the medium-long term.
