It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance.
To illustrate LTHs role in the Bitcoin market's supply dynamics, Glassnode’s analysts have come up with the Long-Term Holder Market Inflation Rate metric. It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance. This rate helps identify periods of net accumulation, where LTHs are effectively removing Bitcoin from the market, and periods of net distribution, where LTHs add to the market's sell-side pressure.