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Bitcoin One Year Holding Hits All-Time High

2 years ago CryptoExpert
Strengthening Holder Base: Bitcoin HODLing for One Year Reaches All-Time High

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Ark Invest’s monthly report for June shows that nearly 70% of the Bitcoin (BTC) supply remained unmoved for at least one year.

Amid the crypto winter of 2022, investors held on to nearly 70% of the total Bitcoin supply. At the same time, the discount for the Grayscale BTC (GBTC) drastically declined.

Bitcoin Holding Hits an All-Time High 

Ark Invest released its monthly Bitcoin report for June, titled “The Dawn of the ETF Era?” As per the report, the quantity of Bitcoin held for one year or more has reached an all-time high. 

Learn more about Bitcoin here.

The investment management firm elaborates:

“Of the 19.4 million bitcoin in circulation, nearly 70% has not moved in at least one year or more, confirming a strengthening holder base.”

Bitcoin's long-term holder supply reaches an all-time high
Bitcoin’s long-term holder supply reaches an all-time high. Source: Ark Invest

GBTC Discount Reduces Factoring in a Spot Bitcoin ETF

Moreover, GBTC’s net asset value (NAV)’s discount hits the yearly lows declining from 42% to 30%. A 30% discount means that the share price of GBTC is 30% lower than the price of the underlying asset, i.e., Bitcoin.

The discount started decreasing from mid-June when BlackRock and eventually other asset managers filed for a spot Bitcoin ETF.

GBTC discount to NAV hits yearly low.
GBTC discount to NAV hits yearly low. Source: Ark Invest

Ark Invest explained:

“The narrowing discount suggests that the market could be pricing in the approval of a Bitcoin spot ETF—increasing the odds of GBTC’s conversion into the same.”

Grayscale has been fighting a lawsuit against the Securities and Exchange Commission (SEC) for rejecting its application to allow the conversion of GBTC into a spot Bitcoin ETF. Last week, BeInCrypto reported that experts believe Grayscale has a 70% chance of winning the lawsuit.

Got something to say about Bitcoin holding or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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