Bitcoin hodlers, who bought Bitcoin at the end of 2020, are in no hurry to get rid of the cryptocurrency. This is indicated by on-chain indicators, note in Glassnode. As you can see in the graph below, coins purchased between November 2020 and January 2021 still remain in the hands of hodlers.
Source: glassnode.com
The chart shows that over 400,000 BTC were bought ahead of the rally. Moreover, most of these coins still remain stationary. According to Glassnode, the held bitcoin coins were bought at a rate of $ 13,000- $ 42,000. Analysts also found that the number of “young” coins (moving no more than a month ago) continues to decline rapidly.
At the same time share coins from three to twelve months old are rapidly increasing. These are the same HODL coins that accumulated during 2020 and until January 2021, experts say. According to Glassnode, hodlers can only start unloading their reserves when the next bull rally hits.
However, how soon the new rally will begin is still unknown. At the same time, analysts at Santiment believe that the Bitcoin community is not yet ready for a new wave of euphoria. For example, news from El Salvador has cheered the community, but it was not enough to bring back the bullish momentum.
The current social sentiment for bitcoin looks like the crowd is baffled: “If this can’t get bitcoin back above $ 40,000, what can it do?” Analysts note.
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