359,000 BTC Turns Long-Term As Market Swallows New Supply

The Bitcoin (BTC) market was highly bullish in the last week, with prices leaping by over 10%. Amidst this positive development, there has been notable investor activity, which points to an unyielding demand that could support a sustained price uptrend.

BTC Supply Shake-Up: Long-Term Holders Increase, New Buyers Step In Above $92K

In a recent X post, popular crypto pundit Axel Adler Jr. shared some interesting on-chain insights on the Bitcoin market. 

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Using data from CryptoQuant, Adler reports that the market supply of short-term holders decreased by 359,000 BTC, valued at $33.84 billion, over 16 days between April 4-21. Interestingly, this decline was not due to selling pressure but rather coin maturation, resulting in a transition to the long-term holders category.

This is a positive market signal indicating that holders are confident in Bitcoin’s long-term prospects. By opting against selling, holders are strengthening the underlying market demand, providing a solid foundation for future price rallies.

In another interesting development, Axel Adler Jr also noted that BTC short-term holders’ supply grew by 70,000 BTC, valued at $6.59 billion, in the last two days following Bitcoin’s latest price rally. 

The analyst explains that this increase resulted from profit-taking by long-term holders via redistribution as prices climbed. Importantly, short-term holders have effectively absorbed this new supply, signaling strong demand in the Bitcoin market.

This demand is highly reflected in Bitcoin’s ability to remain above $92,200, the short-term holders’ cost basis, representing the average acquisition price for their holdings. This indicates a robust market confidence as new buyers are aggressively stepping into the market, expanding the STH cohort. 

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Overall, the combination of significant coin maturation, healthy redistribution, and Bitcoin’s resilience above the short-term holders’ cost basis highlights a structurally strong market demand. With long-term holders demonstrating confidence and new demand effectively absorbing supply, BTC appears well-positioned for sustained upward momentum in the near to mid-term.

Bitcoin Price Overview 

At the time of writing, Bitcoin trades at $94,408, reflecting a 0.78% decline in the last day. However, daily asset trading volume is down by 55.53%, suggesting a waning market participation. 

Nevertheless, BTC looks set to maintain its price uptrend, having moved past the major resistance level at $91,000, supported by other bullish developments, including a revival in ETF inflows totaling approximately $3.06 billion over the past week.

The next resistance lies at $96,000, moving past which could pave the way for a further price rise to around $100,000. However, a price rejection could force a return to around $92,000, effectively creating a range-bound movement.

Featured image from The Economic Times, chart from Tradingview

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