Key message: HODLing behavior is growing, long-term holders don’t want to sell their bitcoins. This is according to the latest data from analytics platform Glassnode. These are mostly investors who hold their coins for more than a year. But according to Glassnode, anyone who holds coins for more than 155 days is a long-term holder.
The conviction to hold BTC is a significant factor in the market. This behavior can be observed since May 2021, when the supply of liquid coins continued to decline after a slight influx of coins. Further, Glassnode revealed that long-term holders own 79.5% of the total BTC coin supply as of this week, which is 12.97 million BTC. The current level is comparable to October 2020, prior to the start of the 2021/2021 bull run. Anyway, this fact suggests that even if a bull run is not imminent, there is still a huge accumulation.
Considering that, according to CoinMarketCap.com data, the BTC price has risen 1.56% in the last 24 hours, but is still down 8.19% from last week’s data, it’s clear to see that investors are hoarding their coins in the downturn. According to Glassnode, these spikes usually correlate with late-stage bear markets. This is followed by a squeeze in supply and the start of bul runs. So it is possible that the increasing HODLing behavior shows us that we can look forward to another bull run in not too long.