{"id":11219,"date":"2022-05-31T00:54:51","date_gmt":"2022-05-31T00:54:51","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/on-chain-data-shows-bitcoin-long-term-holders-continuing-to-soak-up-supply-around-30k\/"},"modified":"2022-05-31T00:54:53","modified_gmt":"2022-05-31T00:54:53","slug":"on-chain-data-shows-bitcoin-long-term-holders-continuing-to-soak-up-supply-around-30k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/on-chain-data-shows-bitcoin-long-term-holders-continuing-to-soak-up-supply-around-30k\/","title":{"rendered":"On-chain data shows Bitcoin long-term holders continuing to \u2018soak up supply\u2019 around $30K"},"content":{"rendered":"
Bear markets are typically marked by a capitulation event where discouraged investors finally abandon their positions and asset prices either consolidate as inflows to the sector taper off or a bottoming process begins.\u00a0<\/p>\n
According to a recent report from Glassnode, Bitcoin hodlers are now \u201cthe only ones left\u201d and they appear to be \u201cdoubling down as prices correct below $30K.\u201d<\/p>\n
Evidence of the lack of new buyers can be found looking at the number of wallets with non-zero balances, which has plateaued over the past month, a process that was seen after the crypto market sell-off in May of 2021. <\/p>\n