Bitcoin HODLers Hit Record as Long-Term Holders Refrain from Selling

02/24/2023 20:59 • Tech Ticker • 114 views

It is reported that according to the data of Glssnode, the percentage of supply of BTC that has been active for more than five years has just reached a record high of 28.215%.

BTC’s last active supply for more than 5 years reached a record high

Interpret the above information:

Bitcoin has been one of the most successful investments of the decade, with its value surging to an all-time high of $64k earlier this year. Investors who bought Bitcoin years ago have witnessed incredible gains, and many have become HODLers (short for “Hold On for Dear Life”), refusing to sell their holdings no matter how high the price goes. According to the data from Glassnode, the percentage of supply of BTC that has been active for more than five years has just reached a record high of 28.215%. This means that more than a quarter of the Bitcoin supply has remained untouched for the past five years, indicating that long-term holders are refraining from selling.

This trend is significant because it suggests that HODLers are confident that Bitcoin’s value will continue to appreciate, and they are willing to wait for many more years to sell their holdings. It also shows that Bitcoin is continuing to gain acceptance as a store of value and a long-term investment. HODLing is a strategy that involves buying Bitcoin and holding onto it for the long term, regardless of the short-term price fluctuations. By utilizing this strategy, HODLers can avoid getting swayed by market emotions and focus on their long-term goals.

This high percentage of the Bitcoin supply being held by long-term holders also creates scarcity in the market, which can drive up the price. As the supply of Bitcoin grows more slowly, the demand can continue to grow as more people buy into the crypto market. This dynamic can contribute to the bull run that Bitcoin has been experiencing over the past year.

In conclusion, the record high of long-term Bitcoin holders shows that HODLing is a viable investment strategy that can yield high returns over the long run. It also indicates that investors are confident in Bitcoin’s long-term prospects as a store of value and a legitimate asset class. The scarcity created by HODLing can drive up demand and contribute to the ongoing bull market. While Bitcoin’s price remains volatile in the short term, these developments suggest that the future of Bitcoin is bright.

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Bitcoin HODLers Hit Record as Long-Term Holders Refrain from Selling

BTC’s last active supply for more than 5 years reached a record high

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