"Bitcoin Pizza Day" 15th Anniversary ATH Update but Profit Taking by Long Term Holders Decreases = Data

## Pizza Day 15th Anniversary Achieves All-Time High

May 22nd is commemorated as "Bitcoin Pizza Day," marking the day when transactions using the cryptocurrency Bitcoin (BTC) took place, and this year it celebrates its 15th anniversary.

On May 22, 2010, programmer Laszlo Hanyecz made the first real-world transaction using Bitcoin, purchasing two pizzas for 10,000 BTC, which were virtually worthless at the time.

10,000 BTC was worth $0.0025 (¥0.36) at that time, but has grown to approximately $1.1 billion (about ¥160 billion) at the current market value. On Pizza Day, Bitcoin reached its all-time high, recording $111,903.

According to Glassnode, the Bitcoin from the era when the founder Satoshi Nakamoto was still active is still moving on-chain.

Source: Glassnode

The percentage of Bitcoin that was in circulation more than 10 years ago in relation to the realized market capitalization of Bitcoin has decreased from 0.045% at its peak to 0.033%. It has sharply fallen from December to February and continues to show a downward trend after April 20.

The timing of the decrease in the percentage coincided with the rise in the price of Bitcoin. It is also possible that long-term investors took profits on a portion of their assets.

However, according to Glassnode, when Bitcoin reached its all-time high on the 22nd, the trading volume related to profit-taking was approximately $1 billion.

It is pointed out that compared to the 2.1 billion dollars in profit-taking transactions that occurred when Bitcoin first surpassed 100,000 dollars last December, this is a modest amount.

Furthermore, regarding profit-taking, Bitcoin held for less than one month accounted for approximately 77%, surpassing the figure of about 45% during the profit-taking period in December of last year.

Source: Glassnode

Furthermore, the percentage of Bitcoin held for more than 6 months was about 13%, down from approximately 25% in December last year.

Glassnode indicated that the trading of long-held Bitcoin has significantly decreased, suggesting that speculative elements are diminishing and that bullish expectations from investors may continue.

Analysts at major financial firm Standard Chartered Bank are presenting a bullish forecast that the price of Bitcoin will reach $500,000 by the end of President Trump's term in 2029.

Related: How to Buy Bitcoin | Investment Benefits, Risks, and Choosing the Right Exchange for Beginners