On-chain data shows the Bitcoin HODLers are currently displaying net accumulation behavior, as they grow their holdings by 15,000 BTC per month.Bitcoin Long-Term Holders Have Been Accumulating Recently According to data from the on-chain analytics firm Glassnode, these investors were previously aggressively distributing during the bear market lows.The HODLers, or more formally, the “long-term holders” (LTHs), make up a Bitcoin cohort that includes all investors that have been holding onto their coins since at least 155 days ago.The LTHs make up one of the two main holder groups in the market; the other cohort is called the “short-term holder” (STH) group and naturally includes only investors that bought their BTC less than 155 days ago.Statistically speaking, the longer a holder owns a coin, the less likely they become to sell it at any point.
This means that the LTHs are the more resolute bunch of the two groups, which is why they are called the “HODLers” or the diamond hands of the market.As these investors are an important part of the sector, their movements can be worth tracking.An indicator called the “HODLer net position change” measures the monthly rate at which these investors are buying or selling a net amount of Bitcoin right now.
The chart below shows the trend in this metric over the last few years: The value of the metric seems to have been green in recent months | Source: Glassnode on Twitter When the HODLer net position change has a positive value, it means these investors are receiving inflows into their holdings currently.On the other hand, negative values suggest a net number of coins are exiting the supply of the LTHs.
As displayed in the graph, the Bitcoin HODLer net position change had a deep red value during the bear market lows that followed the November 2022 FTX crash.This means that the LTHs had been selling during this period.This sharp negative spike has been an exception to the long-term trend, however, as the HODLers have actually been showing an overall strong accumulation behavior over the past couple of years.The last time these investors participated in consistent distribution was during the bull rally in the first half of 2021.
From the chart, it’s visible that after the aforementioned brief period of distribution at the bear market lows, the LTHs switched back to accumulation just before the current rally began.These diamond hands have continued to add to their holdings throughout the rally so far, showing that they haven’t been allured by the profit-taking opportunity.
This can be a bullish sign for the long-term sustainability of the rally.Though, very recently, the monthly amount that they have been adding to their holdings has been trending down.Nonetheless, the indicator’s value still remains positive, as the Bitcoin LTHs are accumulating at a rate of 15,000 BTC per month currently.BTC Price At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week.BTC has seen some heavy fluctuations during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com Leave a Reply [Cancel reply](/bitcoin/bitcoin-accumulation-hodlers-are-buying-15000-btc-per-month/#respond) Leave a Reply Allegations Seoul Prosecutors Believe Terra Co-Founder Do Kwon Still In Possession Of $100 Million Held In Swiss Bank Account In the wake of the recent legal action against ten associates of Terraform Labs, which included the co-founder Shin Hyun-seong, known to many as Daniel Shin, it appears that prosecutors from Seoul are convinced that Terraform Labs and co-founder Do Kwon are still in possession of a considerable sum of money, specifically 130 billion won ($100 million), held in a Swiss bank account.South Korean Prosecutors Claim Do Kwon and Terraform Labs Still Own $100 Million Tucked Away in a Swiss Bank Account, SEC Complaint Backs Theory As reported by Park Beom-soo, a local journalist, following the Terraform Labs indictment, Do Kwon and his associates allegedly transferred 10,000 bitcoin (BTC) to a fintech bank headquartered in Switzerland.Sygnum Bank, a digital asset financial institution based in Zurich, was reportedly the recipient of this sizable transfer.It has since come to light that the Seoul Southern District Prosecutor’s Office has been closely monitoring the movement of Terra-linked bitcoin and has revealed this information during a press conference held to discuss the recent indictment.
The prosecutor’s office’s spokesperson stated, “We are actively tracking the bitcoin owned by LFG (Luna Foundation Guard), but some of it has been converted into cash and deposited into the Signum account.As outlined in the SEC complaint, the amount transferred is approximately 100 million dollars (about 130 billion won).” It would appear that the investigation into Terraform Labs and Do Kwon’s financial dealings is ongoing, and further details may come to light concerning this matter.Onchain Researcher: LFG ‘Failed to Account for the Trail of Bread Crumbs Left by the Change Outputs’ Just before Terra collapsed, Terra’s Luna Foundation Guard (LFG), an organization created to defend the blockchain stablecoin UST’s dollar peg, accumulated a massive amount of bitcoin.The funds were meant to protect UST from dropping below the $1 parity but the fallout was so bad, LFG and Terra’s leaders like Do Kwon could not save it.After the collapse, it was speculated that LFG did not use all the funds to defend the stablecoin, and LFG fired back by releasing an audit that claimed the group used more than 80,000 BTC to defend the coin’s peg.However, OXT researcher Ergo BTC discovered that the blockchain “tells a different story” in a Twitter thread from October 2022.Ergo said that while LFG may have declared ownership of a single wallet holding 313 BTC, their actions have left a breadcrumb trail of evidence that could be easily followed.Ergo discovered a group of fifteen significant Binance withdrawals made to a single address.
The coins were then consolidated and used in a series of transactions spanning several months.Shortly after the first withdrawal from Binance, 665 BTC were spent on Kucoin, and on May 16, the remaining 313 BTC were transferred to the new LFG address, providing evidence of their association.Ergo further said that the sequence of transactions continued for many months and “unfortunately for the LFG, these (reused addresses) were active prior the depeg event, providing additional clues for investigators.” The researcher further added that while the LFG may argue that the pseudonymity of BTC provides them with a veil of anonymity, it is clear that the activity the researcher observed is “directly related to the funding of the LFG treasury.” Park Beom-soo’s report further confirmed to Ergo that the onchain activity the OXT researcher monitored aligns more closely with the Seoul prosecutor’s report than the story told by Do Kwon and the LFG audit.Tags in this story Allegations, Bitcoin, Cryptocurrency, do kwon, Investigation, legal action, luna foundation guard, prosecutor, Seoul, Stablecoin, Swiss bank account, terraform labs What are your thoughts on the ongoing investigation into Terraform Labs and the allegations that the company and co-founder Do Kwon are still in possession of a substantial sum of money? Do you believe that the findings from the U.S.
SEC and the Seoul Southern District Prosecutor’s Office align? Share your thoughts about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.
Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- Gemini’s Cameron Winklevoss has accused U.S.regulators of double standards in regard to their dealing with the crisis surrounding the First Republic Bank.- Winklevoss claimed that if the First Republic Bank had been a “crypto bank,” it would have been “assassinated weeks ago.” Cameron Winklevoss, co-founder, and CEO of crypto exchange Gemini, has accused U.S.
regulators of double standards in regard to their dealing with the crisis surrounding the First Republic Bank.Winklevoss tweeted that if the First Republic Bank had been a “crypto bank,” it would have been “assassinated weeks ago.” It is worth noting that the First Republic began encountering “structural challenges” with its balance sheet at the same time that Silicon Valley Investment Bank and Silvergate Bank were winding down operations or being closed down by federal regulators.
According to a recent CNBC news report, advisors at First Republic Bank will now try persuading major U.S.banking institutions to provide extra financial aid due to the government’s refusal to put the bank into receivership.The bank has already received $30 million in aid.Advisers said that the current private market solution to the firm’s liquidity problems would see the bank remain in operation.Government receivership, on the other hand, is nothing but a “closed-bank” scenario.Readers should remember that both Silvergate and Silicon Valley Bank were taken into government receivership in early March.
Another banking crisis shines a spotlight on Bitcoin’s trust First Republic reported its Q1 earnings call on Monday (24 April), revealing that total deposits had plummeted by more than $100 billion.The firm claimed that it would be “pursuing strategic options” to strengthen its financial standing as quickly as possible.Market shares of the embattled institution have fallen more than 66% since then, from $16.14 to $5.7 at press time.The widespread problem that First Republic Bank (FRC) is experiencing is significantly increasing trust in Bitcoin (BTC) and other altcoins.
Even though this week began with a bearish market sentiment, BTC, at press time, was trading at $29,120, up more than 7% within the last four days.Bitcoin CryptoSlate wMarket Update: Market volatility swings Bitcoin price wildly in the last 24 hours CryptoSlate wMarket Update: Market volatility swings Bitcoin price wildly in the last 24 hours Oluwapelumi Adejumo · 2 hours ago · 3 min read The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.3 min read Updated: April 27, 2023 at 12:38 pm Cover art/illustration via CryptoSlate In the last 24 hours, the cryptocurrency market cap saw net outflows of $10 billion and currently stands at $1.20 trillion — down 0.96% from $1.21 trillion.Bitcoin’s market cap rose 0.43 % to $563.18 billion during the period, while Ethereum’s market cap fell 1.24% to $227.40 billion.The top 10 cryptocurrencies saw mixed performance during the reporting period.The biggest gainers were Cardano and Bitcoin, which posted meager gains of less than 0.5%, respectively.
Others like Dogecoin, BNB, Solana, Polkadot, Litecoin, and XRP lost more than 2%, respectively.The market cap of Tether (USDT) and USD Coin (USDC) slightly grew to $81.61 billion and $30.73 billion, respectively.In contrast, Binance USD (BUSD) fell to $6.30 billion.Bitcoin In the last 24 hours, Bitcoin increased 0.1% to trade at $29,008 as of 07:00 ET.Its market dominance grew to 47% from 46.6%.During the reporting period, Bitcoin’s volatility wiped off over $300 million after rumors emerged that the U.S.
government and bankrupt crypto exchange Mt.Gox were selling the asset.CryptoSlate Insight reported that the wild price swings were due to an illiquid market.Ethereum Over the last 24 hours, Ethereum declined 1.52% to trade at $1,886 as of 07:00 ET.Its market dominance fell to 19.0% from 19.1%.The wild market performance saw ETH trade near $2,000 before bottoming at $1,792.
Top 5 Gainers RSK Infrastructure Framework RIF is the day’s biggest gainer, growing 12.64% over the last 24 hours to $0.13968 as of press time.The filesharing token is down 10% in the previous 30 days.Its market cap stood at $134.1 million.MultiversX EGLD grew 11.73% over the last 24 hours to $45.4320 as of press time.The Binance Chain-based token has risen over 13% in the previous seven days.Its market cap stood at $1.15 billion.inSure SURE gained 10.73% to trade at $0.00626 at the time of writing.
Despite today’s upside, the blockchain network has been down 21% in the past month.Its market cap stood at $167.61 million.Kaspa KAS rose 9.64% to $0.03001 over the last 24 hours.The token has increased by nearly 10% in the previous 30 days.
Its market cap stood at $545.47 million.Injective INJ is on the top gainer’s list for the second consecutive day.
The token is up 8.7% to $8.15165 as of press time.Its market cap stood at $713.13 million.Top 5 Losers tomiNET TOMI is the day’s biggest loser, falling 17.66% to trade at $2.98535 at the time of writing.The privacy token is up more than 30% in the last 30 days.Its market cap stood at $118.35 million.Hex HEX declined 6.71% to $0.00589 over the reporting period.
Its market cap stood at $9.89 billion.ssv.network SSV plunged 6.49% to trade at $0.23853 as of press time.The token has risen by more than 100% in the previous year.Its market cap stood at $264.43 million.
Solar SXP decreased 6.15% to $0.57118 over the reporting period.Its market cap stood at $321.3 million.Threshold T dropped 5.81% to trade at $0.03166.The Ethereum-based token is down 22% over the last 30 days.
Its market cap stood at $272.98 million.
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