- More than 61% of Bitcoin supply has not left their wallet for a year or more
- The last time dormant BTC supply reached this level was before the bull run in 2017
- Bitcoin might test new record highs soon
Bitcoin News Today – Data shows that 61 percent of Bitcoin (BTC) supply has not left their various addresses for a year or more. The only time such a thing happened was before the digital currency surged to its all-time high. The HODLers of the digital currency are getting ready for a bull run just like the one that sent the digital currency to its all-time high of about $20k in 2017, on metric suggests.
Bitcoin BTC News Today – 61% of Bitcoin Supply Have Not Moved for a Year
According to Glassnode – an on-chain monitoring resource – the number of BTC supply that has not been moved from their wallets over the past year or more reflects 2016. Regardless of the price action of Bitcoin this year, data shows that more than 61 percent of the total supply of the digital currency remained dormant through lows and highs.
According to Glassnode, there were similar behaviors among HODLers in early 2016. Many investors are more reluctant to sell or trade their holdings, and they believe that it is more profitable for them to HODL. In a tweet, Glassnode said:
“The last time we saw this amount of #Bitcoin that had not moved in over a year, was in early 2016 – preceding $BTC’s bull run to $20k.”
Bitcoin (BTC) Price Today – BTC / USD
The phenomenon of investment cycles in BTC is usually referred to as “HODL waves.” Data has long revealed parallels with 2016, according to a recent report. When compared, the bull run last year that pushed Bitcoin’s price to $14k saw dormant supply levels reached 56 percent. Nevertheless, unlike 2016, the bull run and the dormant supply spike had no cooling-off period between them. The journey to the all-time high in 2017 only really started more than a latency period of about a year.
Is This The Start of Something Big for Bitcoin?
From the look of things, these HODLers are focused on the long-term of Bitcoin. They are very bullish about the long-term of the digital currency, and this might result in something huge. This might pave the way to new record highs in the mid-term. Some other indicators have pointed to a saving mentality prevailing in the digital currency.
The reserves of trading platforms are at 13-month lows. Whereas, there are accumulation signs in wallets with both whale-size and small balances. Earlier this month, data from Glassnode revealed that 90 percent of days were spent gathering BTC in the first half of this year. Meanwhile, since the reduction of block rewards in May, the number of whales has increased by more than 2 percent.