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According to research by on-chain analytics provider, Glassnode, 95% of the Bitcoin changing hands last was last moved less than three months ago on the blockchain.

Glassnode’s March 15 The Week On-Chain report found that just 5% of spent outputs are more than 90 days old, indicating the vast majority of BTC moving on-chain are “young coins.”

Other data from Glassnode has found that addresses that have been hodling BTC for at least three years have significantly increased their holdings over the past six to 12 months, while short-term holders have been taking profits since the start of 2020.

Glassnode defines “Long Term Holders,” or LTH, as wallets that have held their Bitcoin for more than 155 days, while “Short Term Holders,” or STH, are described as wallets that move BTC on-chain within 155 days or receiving coins.

The report asserts LTH tend to have a greater knowledge of Bitcoin, accumulating BTC in bear markets and offloading some during bull markets. By contrast, STH are likely to either be newer market participants or short-term speculators that frequently move value between exchanges, it added.

At current prices, Glassnode found that 10.85 million BTC, or 58% of Bitcoin’s circulating supply are currently in profit according to when they last moved on-chain, while 5.3 million BTC are currently in profit and held by STH wallets.

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