We use cookies to enhance your experience like remembering your Time Zone. We have updated our privacy policy please check our Terms&Conditions

Sponsored By

Hodlers stash Bitcoin worth $1.35b each month, onchain data show

Long-term investors continue to buy up Bitcoin (BTC) at a brisk pace, contributing to market illiquidity, data by blockchain analytics firm Glassnode show.

The HODLer net position change metric shows long-term investors or wallets with a history of holding coins for at least 155 days have been accumulating 50,000 BTC ($1.35 billion) per month.

The total number of BTC held by long-term holders has reached a new all-time high of over 14.859 million BTC, amounting to 76% of the cryptocurrency's circulating supply.

"Over +50k BTC per month are currently being Vaulted by HODLers, suggesting both a tightening supply and a widespread reluctance to transact," Glassnode said in the latest weekly report, adding that the market is experiencing a sustained regime of coin dormancy.

Dormant coins are those that haven't been spent on-chain over a given period. Increased coin dormancy means coins are being held for longer periods of time in an illiquid state.

In other words, it indicates a relative weakness of supply-side pressure in the market and the potential for an exaggerated price rally.

The metric tracks buying/selling activity of addresses controlled by entities known to hold coins for at least 155 days (Glassnode) (Glassnode)

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2023 FOREXSTREET S.L., All rights reserved.