#NEWTBinanceHODLer Long-term Bitcoin holders' supply is at an all-time high.👭🧑🤝🧑💻
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The growth of long-term holders has largely stabilized Bitcoin in recent weeks, write Glassnode analysts in their recent report.
"More than 30% of the circulating supply of Bitcoin is now in the hands of only 216 centralized entities - including ETFs, exchanges, custodians, and corporate treasuries," they point out, adding that such concentrated ownership is turning Bitcoin into a "maturing asset class."
The total supply of Bitcoin in the hands of long-term holders has steadily increased in recent years, reaching an all-time high of 14.53 million BTC (30-day average) on June 23, nearly 70% of the maximum supply of 21 million.
The price of Bitcoin has trended upwards over the years as long-term holders withdraw supply from circulation and institutional demand increases, a dynamic that fuels sustained upward pressure on the price.
BitMEX co-founder Arthur Hayes and OSL's Chief Commercial Officer Eugene Cheung expect the price of BTC to continue rising above USD 100,000 in the future due to central bank money printing and strong institutional support.
Some analysts even predict that Bitcoin will surpass USD 150,000 by the end of 2025.