Skip to content

Long-term Bitcoin holders refuse to sell as ‘HODLing behavior’ increases

Long-term Bitcoin holders refuse to sell as 'HODLing behavior' increases

There is a reluctance to sell among long-term holders of Bitcoin (BTC) as ‘HODLing behavior’ rises, according to the latest data from on-chain analytics platform Glassnode.

Indeed, the supplier of on-chain analytics has found that investors holding Bitcoin older than one year are unwilling to sell their coins. In May 2021, following mild exchange inflows, the decrease in liquid coin supply (growing HODLing behavior) has continued, showing that conviction to keep BTC remains a significant factor in the market.

In the opinion of Glassnode, long-term HODLers (LTH) are defined as those who hold coins older than 155 days, whereas short-term holders retain coins shorter than the specified time. 

Bitcoin: Long-term holder net position change. Source: glassnode

Long-term holders own 79.5% of all Bitcoin

Furthermore, Glassnode revealed that long-term holders currently own 79.5 percent of all BTC supply as of this week. Interesting, according to the report, the present level is comparable to that recorded in October 2020, right before the start of the 2020/2021 bull market. 

The fact that long-term holders refuse to sell suggests that enormous accumulation is taking place, even if a bull run is not imminent. Besides that, the report also indicated that long-term holders presently own more coins than ever before, with 12.97 million BTCs as of this week.

As per the platform:

“Peaks in LTH [long term holder] owned supply typically correlate with late-stage bear markets which are historically followed by a supply squeeze and initiation of cyclical bull runs.”

Bitcoin: Total supply held by long-term holders. Source: glassnode

BTC is currently trading at $46,742, up 1.56% in the last 24 hours and down 8.19% in the last week alone, according to CoinMarketCap.com, as long-term Bitcoin investors continue to accumulate and store coins in cold storage amidst substantial market volatility in 2021.

[coinbase]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.