Key Takeaways
- 45% of Bitcoin supply has remained unmoved for six months.
- Long-term holders reduced their sell-off after March's all-time high.
- Wealth held by long-term Bitcoin investors is historically high.
Nearly 45% of the total Bitcoin supply has remained untouched for the past six months, according to data from Glassnode’s recent “The Week Onchain” report.
This trend indicates that a significant portion of Bitcoin holders are refraining from selling their assets, even amidst substantial price fluctuations.
Analysis
Glassnode’s analysis of the “realized cap HODL waves” indicator shows that long-term holders (LTHs) have kept their Bitcoin dormant despite the market’s volatility.
These LTHs, who typically hold coins for at least 155 days, were active in distributing their coins during the market’s all-time high in March. However, their selling pressure has since diminished, with a return to positive holding behavior noted.
This reduction in distribution has resulted in the stabilization and eventual growth of the wealth held by these long-term investors, a trend not seen during previous all-time highs.
Despite fears of a market downturn, the enduring confidence of LTHs in holding their Bitcoin suggests a strong belief in Bitcoin’s future value, according to Glassnode.
