Bitcoin hodling trend continues to gain pace
24 May 2023
So-called Bitcoin hodling continues to grow in popularity, according to fresh data from Glassnode.
The proportion of the world’s largest cryptocurrency investors holding on to it for at least a year has reached a record 68%, whilst 55% of BTC has been held for a minimum of two years and 40% for three years.
Many analysts consider Bitcoin remaining dormant to be bullish, as investors are opting to hodl rather than sell. The popularity of buy-and-hold in crypto is in stark contrast to the shift in US stocks, with investors holding assets for far less time than previously, CoinDesk reports.
According to FundStrat’s head of digital assets research, Sean Farrell, long-term holding trends have become more popular over time. “The trend is bullish insofar it means that higher prices are ahead in this cycle, and any reticence to sell from current HODLers could result in a mini-supply squeeze,” he said.
Farrell went on to add that focusing on long-term holder supply metrics may not be essentially useful for short-term price indications.
Indeed, Long-Term-Holder Supply – coins held for longer than 155 days, according to Glassnode – has also reached a new record high of 14.46 million Bitcoin. “This reflects coins acquired immediately after the FTX failure maturing into long-term holder status,” stated the report.
In addition, Glassnode’s Liveliness metric, comparing the comparative balance between hodling and spending trends, also reveals investors are hanging on to the world’s largest cryptocurrency. The metric has declined to the lowest point since December 2020.
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