Long-Term BTC Hodlers Hold Over 76.1% of Circulating Supply, Nearing Record High

Glassnode recently released its annual on-chain review report for 2023. The year 2023 proved to be an incredible year for digital assets, with Bitcoin surging by over 172% and correcting by less than 20%, experiencing net capital inflows into Bitcoin, Ethereum, and stablecoins.

Throughout this year, the Bitcoin market witnessed breakthroughs in several significant technical and on-chain pricing models, with October being a pivotal point for institutional capital inflow.

The supply of Bitcoin held by long-term holders is currently approaching historic highs, and a vast majority of Bitcoin is currently held at a profit.

Out of the total circulating supply of 195.74 million Bitcoins, over 14.9 million (76.1%) are held outside of exchanges and have seen no activity for over 155 days, an increase of 825,000 BTC compared to the same period last year. This has resulted in a record low of 2.317 million BTC held by short-term holders.

The market structure is undergoing significant changes, with Tether re-establishing dominance among stablecoins. CME futures volume has surpassed Binance, and the options market is also experiencing significant growth.

With the increasing possibility of a spot ETF launch in the United States in early 2024 and Bitcoin's halving scheduled for April, the coming year is expected to be an exciting and eventful one.