With miners now hanging onto their BTC, Glassnode concludes the majority of coins being sold in the markets are being off-loaded by longer term investors.
The report notes last week's Elon Candle' with the single-largest daily candle in the history of BTC being posted the day after Tesla's investment was announced, driving a 24-hour price gain of $7,162 or 18.5% on Monday, Feb. 8.
Looking at Bitcoin's Average Spent Output Lifespan (ASOL), an indicator that measures the average age in days of all spent transaction outputs, Glassnode concluded that long-term investors capitalized on Tesla's news to realize profits
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