Bitcoin (BTC) long-term holders are knuckling down as a document portion of the BTC provide stays dormant for years.
Knowledge from on-chain analytics agency Glassnode confirms that the proportion of the provision now stationary for a minimum of 5 years is larger than ever.
2017 BTC patrons not this yr’s sellers
Bitcoin has recovered virtually 40% from its macro lows of $17,600 simply two months in the past, however for the cryptocurrency’s diamond fingers, it has been a non-event.
Those that bought BTC in 2017 or earlier proceed to hodl their stake, and the pattern factors to extra, not much less, hodling in recent times.
Not content with the reversion above the 2017 highs of $20,000, long-term holders remain committed to not selling, the Glassnode data shows.
On Aug. 18, the percentage of the BTC supply staying untouched in its wallet for at least five years reached a new all-time high of 24.351%. Almost one quarter of the 19.12 million BTC circulating supply has thus been off the market since 2017 or earlier.
While recent months have been marked by major sell-offs, particularly among institutional investors, it would thus appear that hodlers really are unfazed by current narratives.
Previously, Cointelegraph reported on Bitcoin’s HODL Waves metric showing a similar story for slightly “younger” coins hodled for one year or more.
Not so live
A similar story, meanwhile, comes from Bitcoin’s “liveliness” — a calculation of hodler behavior that reached its lowest since the start of 2021 this week.
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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 occurring.
As Glassnode neatly summarizes, it’s “the ratio of the sum of Coin Days Destroyed and the sum of all coin days ever created.” Coin Days Destroyed refers back to the resetting of the counter when every Bitcoin strikes, the “days” referring to days spent dormant, not shifting across the community.
“It’s obvious that Liveliness will increase (and HODL decreases) throughout time durations of Bitcoin value will increase and traders accumulate to HODL in periods of vary sure costs,” Blummer explained in a devoted introduction to the Liveliness metric printed in late 2018.
Now at 19-month lows, Liveliness factors to growing want to hodl throughout the Bitcoin community on the whole.
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