As demonstrated in the Glassnode graph on October 19, 2023, the percentage of ownership of Bitcoin marks new records in favor of long-term hodlers who own 76% of the entire circulating supply of BTC, which is a positive sign of investor confidence.

By definition, a long term holder is someone who, in this case, holds Bitcoin for a period of time exceeding 12 months.

Clearly, the presence of so many LTHs serves to support the price in cases of financial crises and economic uncertainties.

The natural consequence is the decrease in supply for market participants, a situation that has continued since 2021 and which lasted even during the bearish phase.

The founder of Capriole Investments, Charles Edwards, claims that, due to this "shortage" of BTC that has never been seen before a halving, the price of the currency can only rise. It is therefore mathematical that the exposure of short term holders is at an all-time low.