Bitcoin holders who bought for $20,000 refuse to sell BTC at historical highs-the latest data
Bitcoin (Bitcoin) Data shows that investors who bought at the 2017 historical highs and above have not yet sold.
according to HODL wave The indicator, the last token that moved in the past 6 to 12 months now accounts for the largest part of the BTC supply.
BTC buyers remain nervous
Despite the strong rise in 2021 and the equally strong pullback, those who entered the market or increased their positions in November 2020 or later refused to sell.
HODL Waves, which tracks the age distribution of unspent transaction output (UTXO), shows that the supply controlled by “hodlers” between 6 and 12 months has increased-from 8.7% in early June to 21.4% on November 17.
At the same time, the number of tokens held for many years has only slightly decreased, indicating that there has been a mild sell-off. Except for the 6-12 month group, the determination of investors remains firm.
The data underscores the theory that few BTC owners intend to sell at current prices, even if these prices hit record highs.
As Cointelegraph ReportHowever, the distribution of tokens by long-term holders-a typical feature of the peak period of a bull market-has now begun. The last time this happened was in November last year.
Bull market “still has a long way to go”
At the same time, further numbers tracking “older” bitcoins also suggest that veterans of bitcoin will continue to sit still.
As on-chain analyst William Clement pointed out this week, dormant traffic-Bitcoin’s market value divided by annualized dormancy-is still very low, close to the historical high of BTC/USD.
Clement explained that high dormancy indicates that old coins have been spent.
“Seeing that the current dormant traffic is so low means that the old tokens are still relatively dormant,” he said Add to In a Twitter comment on Wednesday.
“According to indicators, this Bitcoin bull market still has a long way to go.”