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Bitcoin Easily Absorbs LTH Exits – Is MicroStrategy’s 3% BTC Share the Reason?
The recent distribution of long-term holdings (LTH) has been met with a surprising twist. Despite offloading their coins, these holders have not caused any panic in the Bitcoin market. In fact, the price has remained steady between $100,000 and $110,000 since May. This unusual phenomenon could be attributed to MicroStrategy’s massive 3% BTC share.
The data reveals that LTHs have been steadily distributing their coins over the past few months. However, this selling pressure hasn’t caused any significant impact on the price of Bitcoin. Instead, it has been easily absorbed by the market. According to CryptoQuant, a long-term holder offloading their assets doesn’t necessarily mean they’re panicking and rushing for the exit. In fact, this mid-cycle redistribution indicates that older coins are rotating into newer holders without causing any significant sell-off.
MicroStrategy’s Aggressive Accumulation: A Catalyst for Bitcoin’s Next Move?
In other news, MicroStrategy has announced its latest purchase of 4,980 more BTC, bringing its total holdings to an astonishing 597,325 Bitcoins. This now represents a staggering 3% of the circulating supply. As reported by CryptoQuant, this is not a coincidence and shows institutional conviction on full display.
Bitcoin’s History: A Strong July Ahead?
Historically, July has been one of Bitcoin’s strongest months, with a median return of 8.9%. It also closed positively in eight out of the last ten years. The data suggests that there are two significant factors at play here – LTHs steadily rotating their supply into strong hands and institutional demand tightening the float.
Will This Be Enough to Spark A Breakout?
If the market continues absorbing this supply as it has done over the past month, a decisive breakout may be imminent. With these bullish forces converging, perhaps even for the bulls, an unexpected surprise is in order.
Sources:
* CryptoQuant
Writer:
Source: ambcrypto.com
