In May, the LTH-SOPR indicator reached -27% for the first time since summer 2020. According to a ForkLog report, this is a sign that long-term digital gold holders are capitulating.

Against the backdrop of Terra’s collapse, a significant portion of what was sold LFG reserves – 80,081 BTC – transferred to wallet holders with balances from 10 BTC to 100 BTC.

Whales with balances above 10,000 BTC also showed significant activity. During the month of May, they bought 46,269 BTC, including some of the realized LFG reserves.

The MVRV Z-Score indicator is not yet giving a reliable buy signal, although it is close to the oversold region highlighted in green. This suggests that the May-June price recovery could only be a correction, not a reversal of the major trend.

The supply of bitcoin on centralized exchanges fell to 2.48 million coins at the beginning of May, which corresponds to the values ​​in early September 2018. Ethereum balances of such platforms increased until the middle of the month, but the trend changed when the price of the asset crossed the local bottom.

Sponsor of “Bitcoin industry by numbers” column – global blockchain ecosystem Binance.

Glassnode analysts noted that the collapse of the Terra ecosystem prompted some long-term bitcoin investors to correct losses, but many hodlers took advantage of the price drop below $30,000 to boost their positions.