Bitcoin Long-Term Holders See Minimal Losses Amid Strong Support And Positive ETF Inflows

Bitcoin’s long-term holders (LTH) are seeing negligible losses, with only 4,900 BTC, or a mere 0.03% of the total LTH supply, acquired above the current spot price.

This minimal loss highlights the small number of holders who bought at the peak of the 2021 cycle and have held their positions ever since. Notably, these peaks were reached in March, less than 155 days ago.

Assessing for #Bitcoin Long-Term Holders, we can see that the total volume of LTH Supply held in loss is negligible, with only 4.9k BTC (0.03% of LTH Supply) acquired above the spot price.

Given new ATHs were only set in March (less than 155-days ago), these LTH coins in loss… pic.twitter.com/EtZtyNqL7P

— glassnode (@glassnode) June 7, 2024

Analyst Ali Martinez on X has identified a strong support zone for Bitcoin between $69,380 and $67,350, where approximately 1.97 million addresses acquired a total of 964,000 BTC. Maintaining this support level is crucial for Bitcoin to continue its upward momentum.

#Bitcoin is anchored in a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 $BTC. Holding this level is crucial for #BTC to sustain its upward momentum. pic.twitter.com/B36CvZYrkL

— Ali (@ali_charts) June 8, 2024

In the past week, there has been a significant movement of Bitcoin from exchanges, with 22,647 BTC, valued at over $1.57 billion, being withdrawn. This activity reflects a strong holding sentiment among investors.

Approximately 22,647 $BTC, worth over $1.57 billion, were withdrawn from #crypto exchanges in the past week! pic.twitter.com/IXxFXfECYG

— Ali (@ali_charts) June 8, 2024

Bitcoin ETFs Net Inflow Hits $132 Million

Additionally, Bitcoin ETFs have seen a net inflow of $131 million on June 7, 2024. This marks the 19th consecutive trading day with positive net inflows.

Notably, while six out of ten US Bitcoin ETFs recorded zero flows, BlackRock’s IBIT ETF led the day with a substantial inflow of $168 million. Conversely, Grayscale’s GBTC experienced outflows after two days of gains.

$BTC #ETF Net Inflow June 7, 2024: +$131M!

• The net inflow has been positive for 19 consecutive trading days.

• 6 out of the 10 US Bitcoin ETFs had zero flows.

• #BlackRock (IBIT) continued to have the largest inflow of the day at $168M.

• #Grayscale (GBTC) has… pic.twitter.com/anHJ8RypI7

— Spot On Chain (@spotonchain) June 8, 2024

The ongoing positive net inflows and the strong support levels suggest a robust foundation for Bitcoin, potentially setting the stage for further upward movement in the near future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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