According to Glassnode, the supply of Bitcoin held for more than half a year has reached a record high. The figures indicate that most investors who bought the cryptocurrency more than half a year ago would instead hold it than sell it on an already fragile market.
“The supply of bitcoins that have been held for more than half a year has reached a record high, about 76.5%; the current supply of bitcoins that have been held for more than 10 years is about 12.6%, about 2.39 million BTC”, Glassnode stated.
Number of Bitcoin hodlers reaches new ATH despite the crypto market bloodbath
As the figures provided show, the market could now see a wave-like increase in supply holdings from 6 months to 10 years. This indicator can be seen as a fundamental change in the behavior of crypto investors using Bitcoin as a long-term investment.
An increase in the “HODL Wave” has been observed since the reversal Bitcoin faced after nearing the $70,000 level. This metric could also indicate that massive buying power has emerged in the market while Bitcoin is testing a new ATH.
Previously, the CEO of Three Arrows Capital noted that the market faced a shift in the behavioral pattern of Bitcoin holders compared to the 2018 correction cycle. In summary, most cryptocurrency investors today are more patient and prefer long-term investments to speculative trading.
The reason behind this drastic change is due to Bitcoin’s unexpected price rally that started in late 2020. Most mid-term investors have reduced their Bitcoin holdings to the bottom when the cryptocurrency hit. The first was trading at approximately $10,000.
At press time, Bitcoin is trading at $37,660, following a more severe risk-off trend across both the financial and crypto markets. The sudden relief experienced from February 3 to 10 was nullified within a week.
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