Long-term Bitcoin (BTC) holders are clinging to the fact that a record portion of the BTC supply sits dormant for years.
Data from on-chain analytics firm Glassnode confirms that the percentage of supply that remains inactive for at least five years is higher than ever.
2017 BTC Buyers Are Not This Year’s Sellers
Bitcoin has rallied nearly 40% from its macro lows of $17,600 just two months ago, but for the cryptocurrency it has not been a big deal.
Those who bought BTC in 2017 or earlier are still hodling their stake, and the trend is for more, not less, hodling today.
Not happy with the reversal above 2017 highs of $20,000, long-term holders remain committed to not selling, data from Glassnode shows.
The 18 of August, the percentage of the BTC supply that remains intact in your wallet for at least five years hit a new all-time high of 24,351%. Thus, almost a quarter of the 19.12 million BTC supply in circulation has been out of the market since 2017 or before.
Although the last few months have been marked by significant selling, especially among institutional investors, it seems that holders are not affected by current events.
Previously, Cointelegraph reported on Bitcoin’s HODL Waves metric, which showed a similar story for slightly “younger” coins that have been held for a year or more.
not so alive
A similar story, meanwhile, comes from Bitcoin’s “vitality,” an estimate of hodler behavior that hit its lowest point since the start of 2021 this week.
Liveliness, a term coined by Bitcoin developer Tamas Blummer, is plotted as a score between 0 and 1, which increases or decreases, depending on how much hodler selling is taking place.
As Glassnode summarizes, is “the ratio of the sum of Coin Days Destroyed to the sum of all Coin Days Created”. Coin Days Destroyed refers to the counter being reset to zero as each Bitcoin moves, the “days” refer to the days spent inactive, not moving through the network.
“It is evident that vitality increases (and HODL decreases) during Bitcoin price rising time periods and investors pile in to HODL during range-bound price periods”Blummer explained in a dedicated introduction to the vitality metric published in late 2018.
Now at 19-month lows, the vitality points to a growing desire to hodl across the broader Bitcoin network.
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