- Bitcoin’s supply, held for more than a year, hit ATH for several age bands
- A marked divergence was observed in the LTH and STH supply
Bitcoin’s [BTC] bullish catalysts have deterred experienced holders from letting go of their stashes and made HODLing an attractive option.
As per AMBCrypto’s analysis of Glassnode’s data, Bitcoin’s long-term holder (LTH) supply charged to all-time highs (ATH) for several age bands in 2023. While the supply retained for at least a year accounted for 70% of all coins in circulation, unmoved stashes in the last two years increased to 57%. This was a dramatic turnaround from the distribution phase of the 2021 bull market.
Accumulation on the rise
The upcoming halving event and optimism over spot BTC ETF approvals might have contributed to the hoarding mentality. Seasoned traders were most likely preserving their holdings for the highly anticipated bull market of 2024.
To further understand the HODLing regime, AMBCrypto examined Glassnode’s Hodler Net Position Change indicator. Generally, when new coins are accumulated by LTH, the indicator is represented as positive and green.
As is clearly evident, LTHs have steadily accumulated since the sell-offs induced by FTX’s collapse last year.
Go to Source to See Full Article
Author: Aniket Verma
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
