Blockchain analytics firm Glassnode took a closer look at bitcoin (BTC) on March 29 and concluded, using several criteria, that the number of HODLs, or investors holding their bitcoin longer, continues to grow rapidly.
Glassnode classifies bitcoins older than 155 days as “Long Term Holder (LTH) coins.” The research company reports that according to the “HODL Wave” indicator, this group has increased by 9.51% in 6 months. That means that now 25.43% of the circulating supply has traded between $ 10,800 and $ 58,800. It was only six months ago that the bitcoin price was still at $ 10,800.
According to Glassnode, this indicates that investors will continue to buy bitcoin, even during the summit, and that there is no sign that this is slowing down. Not only is more and more bitcoin being accumulated, also “old hands” are selling less and less bitcoin.
In addition, the number of bitcoin that is on cryptocurrency exchanges is rapidly decreasing. In the past 12 months, 616,000 BTC, about 3.27% of the total supply, has left crypto exchanges. Only Binance and Gemini saw an inflow of 270,000 BTC, but on the other hand, 400,000 BTC flowed from Coinbase and Huobi.
Willy Woo, a well-known crypto industry analyst, says early investors typically took a profit by selling some at each rally. Then Elon Musk with Tesla invested $ 1.5 billion in bitcoin and “now HODL” they like the rest of us. “