- BTC’s growing dormant supply demonstrated investors’ lack of willingness to sell.
- Investors’ sentiment was tilted towards the negative side, in sync with the low volatility phase.
Bitcoin [BTC] has entered a phase of consolidation, with trades over the past week hovering within the narrow range of $26,600- $27,500, according to on-chain analytics firm Glassnode. This phase was similar to the one witnessed during the first week of 2023, when the volatility of the king coin plunged to record low levels.
How much are 1,10,100 BTCs worth today?
Due to the absence of volatility in either direction, Bitcoin’s market witnessed significantly low on-chain volume, reflecting a growing tendency by investors to hold their coins.
Hold on for dear life
Glassnode noted a considerable decline in the transfer volume settled on the Bitcoin network. While the number of low-volume transactions involving Ordinals and BRC-20 tokens has skyrocketed, the transfers involving the movement of a large chunk of BTC tokens have dwindled.
To further emphasize this, there was a sharp decline in the exchange deposit volume as well.
Investors’ lack of willingness to sell was demonstrated by BTC’s growing dormant supply. The percentage of supply held for longer than a year climbed to record highs. Most age bands recorded an uptick in hodling activity.
This behavior was also seen in Long-Term Holder Supply, or BTC held for over 155 days, which hit a new all-time high of 14.46 million.
Interestingly, the hodling narrative grew despite BT
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Author: Suzuki Shillsalot
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