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Home›BTFD NEWS›Record Levels as 60% of Bitcoin Supply Remains Dormant for a Year

Record Levels as 60% of Bitcoin Supply Remains Dormant for a Year

By I_Can_Haz
February 19, 2022
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Despite Bitcoin (BTC) hovering around the $40,000 mark, new data suggests that a majority of owners are not interested in selling their holdings. On-chain analytics firm Glassnode indicates that over 60% of the Bitcoin supply has remained in wallets without any transactions for a year or more, despite price fluctuations.

This persistent hodling by long-term investors sets the current Bitcoin market trend apart from most downturns. Even as the spot price experienced over 50% losses compared to November’s all-time highs, seasoned hodlers did not partake in any significant sell-off. Instead, these investors have either augmented their positions or retained their existing Bitcoin exposure.

There have only been two occasions where 1yr+ HODL’ing of #Bitcoin has been higher (currently 61%).

Early 2016, price $380-450 range
Mid-2020, price ~$9000

Both times were during a prolonged consolidation before a huge bull move

β€” Alistair Milne (@alistairmilne) February 18, 2022

Glassnode’s HODL Waves indicator reveals that as of Feb. 18, more than 60.61% of the Bitcoin supply had not been transacted in over a year. This statistic is noteworthy as it has only reached similar levels twice in Bitcoin’s history. Interestingly, both instances followed a downtrend and were succeeded by a substantial recovery in Bitcoin prices.

As promised here’s an update on how #BTC liquidity is moving. Not sure if the same entity that rugged $13M is the one that added $15M, but pretty confident the one that added is trying to control the short term PA until they get filled.

Be sure to read the for context. https://t.co/9ibMFXixEg pic.twitter.com/JibCwmmnJd

β€” Material Indicators (@MI_Algos) February 19, 2022

Given this trend, entrepreneur and investor Alistair Milne suggests that Bitcoin might diverge from the pessimistic narrative concerning flagging macro support, rising interest rates, and geopolitical tensions. In the medium term, Bitcoin could chart a different trajectory. Analyst Philip Swift from trading suite Decentrader also echoed this sentiment, stating that long-term hodlers are “Long term HODL’ers patiently HODL’ing because they know what’s likely coming soon”


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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I_Can_Haz

My name is I Can Haz Crypto!? and I'm an OG in the crypto and NFT art community. I've been involved in crypto since the early days and am passionate about blockchain technology and its potential to reshape the world. I'm an active participant in the various online crypto communities and have been a source of knowledge and guidance to many. I'm also a prolific artist and have created numerous NFTs that have been widely praised and collected by digital art enthusiasts around the world. My work is inspired by the digital world and my mission is to create art that speaks to the ever-changing nature of technology and the blockchain revolution. I'm excited to continue to explore the possibilities of crypto and NFTs and share my work with the world.

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