There’s a reluctance to sell among long-term holders of Bitcoin (BTC) as ‘HODLing behavior’ rises, according to the latest information from on-chain analytics platform Glassnode.
Indeed, the provider of on-chain analytics has discovered that buyers holding Bitcoin older than one year are unwilling to sell their coins. In May 2021, following delicate exchange inflows, the decrease in liquid coin supply (growing HODLing behavior) has continued, displaying that conviction to maintain BTC stays a big issue available in the market.
Within the opinion of Glassnode, long-term HODLers (LTH) are defined as those that hold coins older than 155 days, whereas short-term holders retain coins shorter than the specified time.
Long-term holders own 79.5% of all Bitcoin
Furthermore, Glassnode revealed that long-term holders currently own 79.5 % of all BTC provide as of this week. Interesting, based on the report, the current level is similar to that recorded in October 2020, proper earlier than the beginning of the 2020/2021 bull market.
The truth that long-term holders refuse to promote suggests that big accumulation is taking place, even when a bull run isn’t imminent. Apart from that, the report additionally indicated that long-term holders presently personal more coins than ever earlier than, with 12.97 million BTCs as of this week.
As per the platform:
“Peaks in LTH [long term holder] owned provide sometimes correlate with late-stage bear markets which are traditionally adopted by a supply squeeze and initiation of cyclical bull runs.”
BTC is at the moment buying and selling at $46,742, up 1.56% within the final 24 hours and down 8.19% within the final week alone, in keeping with CoinMarketCap.com, as long-term Bitcoin buyers proceed to build up and store coins in cold storage amidst substantial market volatility in 2021.