Key Takeaways
- 75% of circulating Bitcoin hasn't moved in over six months.
- More than 80% of short-term Bitcoin holders are at a loss.
- The Fear & Greed Index shows sentiment at fear levels not seen since 2022.
Around 75% of all circulating Bitcoin has not moved for over six months, according to onchain data from Glassnode’s hodl wave chart. The data shows that even though Bitcoin’s price has dropped by 21% from its all-time high, long-term holders have kept their assets unmoved throughout most of 2024.
The dominance of long-held Bitcoin suggests that many investors are treating the asset as a store of value. This reduces the supply available for trading, which could drive prices up as demand increases.
Onchain analyst James Check noted that more than 80% of short-term holders are currently underwater, having bought Bitcoin at prices higher than its current value of $58,619. He warned that panic selling could occur, as it has in the past, if these investors decide to cut their losses. Short-term holders are defined as those holding Bitcoin for less than 155 days.
The broader market sentiment remains negative, with the Fear & Greed Index showing a fear score of 28, similar to levels last seen in December 2022.
