Glassnode: 85% Of Bitcoin Hasn’t Moved In 3 Months, Price Keeps Climbing
While Bitcoin has nearly doubled its value in three months against US dollar, the BTC holders are not selling their coins, according to Glassnode data.
The recent price surge from bitcoin has not deterred long-term holders from keeping their portions. Recent data from Glassnode informed that the percentage of BTC supply that has been held for at least three months had reached a record of over 85%.
Bitcoin Holders Are Not Selling
Referring to data from the blockchain analytics company Glassnode, journalist Colin Wu outlined the behavior of bitcoin holders and their most recent attitude towards the asset.
Wu tweeted a graph that shows that 12.3% of holders that have not moved their bitcoins in more than ten years. Those tokens are therefore considered dormant.
According to Glassnode, the proportion of Bitcoin supply that has been held for more than 3 months hit a record high, accounting for 85.14%. pic.twitter.com/L7Rb3gv5Vm
Similarly, those who haven’t transferred any BTC holdings between two and three years and three and five years are 10% and 12.26%, respectively.
The largest percentage of investors 19.5% have refused to move their coins come from those who have held for six to twelve months. Ultimately, 85.14% of bitcoins have not changed hands for at least three months, which marks a new record.
This is all very interesting because BTC’s price has gone up within this time frame. Roughly three months ago, bitcoin struggled at and below $30,000. It has nearly doubled its value since then, but it looks like investors expect even further increases and refuse to realize any profits yet.
Long-Term Holders Rise Too
Long-Term Holder Supply shock also reached new highs, confirming the narrative that those investors do not want to sell their BTC holdings.
According to data from Glassnode, the Long-Term Holders Supply continues to increase at record speeds – between 13x and 15x of the new bitcoin issuance.
Meaning, that these investors are “stacking sats 13x faster than fresh coins are being minted by miners,” Glassnote reported.
Long-Term Holders’ Behavior. Source: Glassnode
“Over the last 7-months, HODLing behavior has dominated, and over 2.37 million BTC have migrated across the Short-to-Long Term holder threshold (~155 days). To put this into context, only 186K BTC have been freshly mined in the same period.” – reads the company’s most recent analysis.
