The bulk of Bitcoins has not been transferred in at least a year, according to on-chain data. Despite Bitcoin’s terrible performance, crypto investors are clinging to their BTC. Long-term investors are increasing their BTC exposure or maintaining it. At the time of writing, more than 60% of all Bitcoins had not moved in the previous year.
As per Glassnode’s HODL Waves indicator, 60.61 percent of the BTC pool has not been transferred in more than a year as of Feb. 18.
One way for analyzing dormant Bitcoins has been to classify them according to how long they have been idle. This data technique, known as “HODL Waves,” was developed by Austin, Texas-based Unchained Capital to show macroscopic variations in BTC’s ownership and use. Short-term trends appear to be unimportant for the vast majority of Bitcoins in circulation.
Bitcoin Traders Are Holding On To Their Digital Assets
Smaller investors, on the other hand, have halted their accumulation efforts in the last week. Material Indicators, an analytics portal, noticed “rugs” of support fading at $40,000 just before Friday’s drop to two-week lows.
The asset was trading at $40,103.85 at the time of publishing, down 0.27 percent in 24 hours. With current price action down 50% compared to November’s historic peaks last month, many expected a sell-off, but even among long-term investors, the sales never materialized.
Long-term traders, on the other hand, have been accumulating to or maintaining their BTC investment over a protracted period of time.
As of February 18, 60.61 percent of the BTC reserve has still not been utilized in trade in over a year, as per Glassnode’s HODL Waves indicator.