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Bitcoin HODLers Continue To Buy Despite Price Stalling

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On-chain data shows that Bitcoin HODLers have continued to buy more of the asset recently, despite the price hitting stagnation.

Bitcoin HODLers Continue To Show Strong Accumulation Behavior

According to data from the on-chain analytics firm Glassnode, the BTC HODLers are filling up their wallets at a rate of 27,100 BTC per month. The “HODLers” here refer to the investors who tend to hold onto their Bitcoin for extended periods.

These investors generally don’t easily sell, regardless of whether there is FUD going on in the market or a sharp surge in the price is taking place. As such, they are sometimes called the diamond hands of the cryptocurrency.

The behavior of these investors can be something to watch for, as the times that the HODLers do end up selling can be a sign of wider weakness in the sector. An indicator that can be useful in tracking this cohort’s behavior is the “HODLer net position change.”

This metric measures the net amount of Bitcoin that these investors have added or subtracted from their combined holdings/addresses within the past thirty days.

To determine the addresses of these HODLers, Glassnode has used its analysis to find addresses on the blockchain that have little to no history of selling.

Naturally, this method would only provide an estimation for the “HODLer supply,” as it’s not certain that these investors will also buy in the present or in the future with a long-term view in mind.

Now, here is a chart that shows the trend in the Bitcoin HODLer net position change over the last few years:

The value of the metric seems to have been green in recent days | Source: Glassnode on Twitter

As displayed in the above graph, the Bitcoin HODLer net position change has been positive for a while now. This means that these investors have been constantly buying a net amount of the asset.

The last time this indicator had assumed a negative value was back in the Nove

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Author: Hououin Kyouma

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