According to new data, 60% of the supply of bitcoins has remained intact for more than a year. According to experts, this volume of accumulation of bitcoins for more than a year has occurred only twice in history and each time was accompanied by a jump in price.
According to the Coin Telegraph, while bitcoin is hovering around $ 40,000, new data shows that sellers of this digital currency are rare.
Data from Glassnode’s analysis platform show that despite price fluctuations, more than 60% of bitcoin offers have not been traded for at least a year.
The persistent retention of long-term investors is what distinguishes the current environment of the bitcoin market from other declining trends.
Despite a 50 percent drop in bitcoin last month from a record high in November, traders were expected to be impatient; But experienced investors did not sell their assets at all.
In fact, the opposite has happened in the long run, and long-term investors have increased their holdings, or at least kept their previous holdings firm.
According to Golsnood’s HODL Waves indicator, as of February 18, 60.61% of the bitcoin supply had not been used in any transaction for at least a year.
These figures are significant because only twice in the history of bitcoin has the volume of units remained intact for at least a year. As Alistair Milne, a well-known entrepreneur and investor, points out, both things happened after a decline, and also before a big jump in the price of bitcoin.
Alistair said on Twitter:
The one-year retention of bitcoin has been so high only twice in history. One was in early 2016, when the price range was between $ 380 and $ 450, and the other was in mid-2020, when the price of this digital currency reached about $ 9,000. Both were long after limited hesitation and before a huge uptrend.
Thus, there is the possibility of a completely different trend for bitcoin in the medium term, potentially challenging ambiguous accounts of macroeconomic factors, rising interest rates in US banks and political tensions between Russia and Ukraine.
Philip Swift, analyst and co-founder of the Decentrader trading platform, added:
Long-term owners are patient because they know what’s going to happen.
Short-term price fluctuations do not seem to have much effect on the performance of much of Bitcoin’s turnover, but the trend this week has somewhat worried investors.
For example, analytical sources on the Material Indicators website, monitored by Bainance Exchange’s ordering service, cite support levels above $ 40,000 just ahead of Friday’s downtrend, which pushed bitcoin prices to a two-day low. They disappeared last week. As it turned out, خرد micro-investors also slowed their gains last week.
The publication Ascending Sign: More than 60% of existing bitcoins have not been traded for at least a year first appeared in digital currency.