New data from crypto analytics platform IntoTheBlock reveals that long-term Bitcoin (BTC) holders snapped up billions of dollars worth of the king crypto in Q1 2023.
In a new report, IntoTheBlock says that long-term investors of Bitcoin and Ethereum (ETH) have significantly increased their exposure to the digital assets in Q1 of 2023, which historically could mean that these entities won’t likely sell until BTC and ETH closes in on their all-time highs.
“The amount of Bitcoin and Ether owned by hodlers continues to hit all-time highs.
Addresses holding assets for over a year have increased their holdings by $13.4 billion and $4.7 billion of Bitcoin and Ether respectively so far in 2023. If history from previous bull markets repeats, these addresses are unlikely to sell until we approach previous all-time highs.”
According to the market intelligence firm, Q2 2023 could harbor potential catalysts for the leading two digital assets, such as ETH’s upcoming Shanghai upgrade and BTC’s next halving cycle, which is viewed as a force behind crypto cycles.
IntoTheBlock says that ETH’s upgrade could cause short-term sell pressure due to the addition of staking withdrawals, but long-term, it could be seen as bullish because it encourages more users to stake.
The firm also says that investors should keep an eye on key prices levels for Bitcoin and Ethereum. According to IntoTheBlock, investors accumulated around $17 billion worth of BTC at $27,000 and $15.1 billion in ETH at about $1,700.
“$27,000 and $1,700 for Bitcoin and Ether, respectively, are the levels to watch near-term as they have the largest concentration of buyers, with 623,800 BTC (~$17 billion) and 8.4 million ETH (~$15.1 billion) being acquired at this level.
If prices were to breach this level, there is not much support based on previous buying patterns until $24,500 and $1,500 for Bitcoin and Ether.
On the selling side, recent highs of $29,000 and $1,850 have pressure from addresses that previously bought around that area, but there is not much further resistance if prices climb beyond those levels.”
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