Almost 75% of the BTC in circulation last participated in transactions below $ 10,800. This suggests that the majority of market participants are long-term investors.
According to a March 29 Glassnode Week on Chain report, only 25.43% of BTC in circulation last traded between $ 10,800 and $ 58,800. According to analysts, one in four BTC was last moved in either Q2 2020 or Q1 2021. of the year.
Analysts note that the number of long-term bulls in BTC continues to rise, and many coins that have not moved since the beginning of the current market cycle are now classified as long-term investments by Glassnode. These include coins that were last moved online more than 155 days ago.
As a result, the number of coins classified as “out of supply” skyrocketed in 2021. According to the report, the rate of coin accumulation exceeding 130,000 BTC per month has been maintained throughout the entire bull market.
The Glassnode Coin Days Destroyed score also indicates an increase in the number of HODL users among long-term investors. At the same time, analysts suggest that experienced investors are again realizing profits at a rate comparable to 2020, after a surge in profit taking from November to January.
“The main takeaway is that investors and traders continued to buy BTC throughout the bull market,” write analysts at Glassnode.
There is another method for analyzing inactive bitcoins, which is to group the coins by the length of the period when the BTC did not move. This data analysis, dubbed HODL Waves, was first proposed by Unchained Capital in 2018 to demonstrate macroscopic changes in BTC ownership and use. It can also provide insight into investor sentiment.
According to the latest HODL Waves data from Unchained Capital, two-thirds of the BTC in circulation has moved in the past six months, and about half of them last participated in transactions in January or February. Approximately 5% of BTC has been active in the past seven days.
Recall that in mid-March, the number of bitcoins that were last moved more than ten years ago reached 2 million BTC, and the number of wallets with a balance of more than 10 BTC fell to a two-year low.
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