glassnode: Bitcoin long-term holders have actually reduced their holdings by 370,000 BTC over the past month

Foresight News reported, citing glassnode data, that although net position change data shows that long-term holders (LTH) have reduced their net holdings by approximately 144,000 BTC over the past 30 days, cumulative reduction data indicates that LTHs have actually sold more than 370,000 bitcoin, with an average daily expenditure of over 12,000 BTC.

glassnode explained that LTH net position change reflects the net balance rather than the total amount sold. It is calculated as the amount of coins transferred from short-term holders to long-term holders minus the amount spent by LTHs. In the past 30 days, about 226,000 BTC matured from short-term holders to long-term holders, so the net LTH supply only decreased by 144,000 coins. The institution pointed out that when coin age maturity is high, the net indicator may underestimate the actual scale of LTH distribution.