Long-term bitcoin holders have not been discouraged by the recent price rise. Glassnode data has revealed that the record for BTC supply held for more than three months is now at over 85%.
BTC Holders Resist Selling
Colin Wu, a Chinese journalist, outlined the behaviour of bitcoin holders and their latest attitude to the asset using data from Blockchain Analytics company Glassnode.
The graph below shows that 12.3% of bitcoin holders have not moved in over ten years. These tokens are considered to be dormant.
The 10% and 12.26% respectively for those who haven’t transferred any BTC holdings in the past two to three years, three to five years, and three or five years, is also similar.
It is interesting to note that 19.5% of the investors who refuse to move their bitcoins are those who have been holding them for between six and twelve months. This is a new record: 85.14% have not traded bitcoins for more than three months.
Bitcoin Holders Behavior. Source: Glassnode
This is despite the fact that bitcoin’s price has risen during this period. Bitcoin was trading at or below $30,000. This is three months ago. Bitcoin was at its lowest point three months ago, just below $30,000. Investors now expect further increases and are unwilling to sell their bitcoin holdings.
Long-Term Holders Rise Too
CryptoPotato recently reported that the Long-Term Holder Supply Shock reached new heights. This confirms the belief that these investors don’t want to sell their BTC holdings.
This trend seems to have only increased. Glassnode further shows that the Long-Term Holdings Supply continues to grow at record speed – between 13x-15x the new bitcoin issuance.
This means that these investors “stack sats 13x quicker than fresh coins are being mined by miners,” according to the analytics firm.
The behavior of long-term holders. Source: Glassnode
“Over the past 7-months HODLing behaviour has dominated and more than 2.37 million BTC have migrated over the Short-to Long Term holder threshold [155 days]. This is to be understood in context. Only 186K BTC were freshly mined during the same period.” – The company’s latest analysis.
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