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Wednesday, September 20, 2023

Bitcoin Has Been Lowest Since 2021 Amid 5-Years BTC Hodl Record

More BTC than ever before has been held in wallets for five years or more. Long-term Bitcoin (BTC) holders are tightening their grips as a record percentage of the BTC supply sits idle for years.

According to data from on-chain data firm Glassnode, a bigger percentage of the supply has stagnated for at least five years than at any other time.

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From its global lows of $17,600 just two months ago, Bitcoin has recovered about 40%, but for the cryptocurrency’s diamond hands, it has been a non-event.

Those who bought Bitcoin in 2017 or earlier are still holding onto their investments, and the trend indicates that holding has increased recently rather than decreased.

Long-term investors are determined to keep onto their investments despite the reversion above the $20,000 highs of 2017, according to the Glassnode data.

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2017Bitcoin Buyers Are Not The Sellers This Year: 

The proportion of BTC supply sitting in wallets for at least five years hit a new record high of 24.351% on August 18. Thus, from 2017 or earlier, about a quarter of the 19.12 million BTC in circulation has been off the market.

Although there have been significant sell-offs recently, especially among institutional investors, holders are not concerned with the news.

Earlier, Cointelegraph reported on the HODL Waves statistic for BTC , which revealed a comparable pattern for slightly “younger” coins held for a year or longer.

According to the amount of hodler selling, liveliness, a concept created by Bitcoin creator Tamas Blummer, is represented as a score between 0 and 1, which rises or falls.

It is “the ratio between the sum of Coin Days Destroyed and the sum of all Coin Days Ever Created,” as Glassnode succinctly puts it. When a bitcoin moves, the counter is reset, with the term “days” denoting the amount of time the bitcoin was idle and not traveling across the network.

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