Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Despite 70% gains in 2021, veteran Bitcoin hodlers are still selling record low amounts of BTC

Despite 70% Gains In 2021, Veteran Bitcoin Hodlers Are Still Selling Record Low Amounts Of BTC
Bitcoin/courtesy Bitcoin/courtesy
Despite 70% Gains In 2021, Veteran Bitcoin Hodlers Are Still Selling Record Low Amounts Of BTC
Bitcoin/courtesy Bitcoin/courtesy

In Q4, data shows that “younger” BTC purchased at the summer $30,000 lows is moving.

Despite reaching all-time highs of $69,000 this year, data shows that seasoned Bitcoin (BTC) hodlers have barely spent any coins.

The proportion of coins spent by old hands remains near record lows, according to the Coin Days Destroyed (CDD) metric from on-chain analytics firm Glassnode.

Strong hands knuckle down in 2021

CDD remains extremely calm, which is the latest sign of the conviction of those who have invested in and held Bitcoin for a long time.

Each time a BTC moves, the indicator refers to how long it has been dormant. Simple volume measurements are no longer sufficient to determine market trends. As a result, older coins are more “important” than newer coins with a history of active circulation.

Read more on: Countdown to the end of the year: 5 things to keep an eye on in Bitcoin this week

“Despite a recent increase, the current value is still near historic lows,” the Twitter account UTXO Management summarized alongside a screenshot of the chart.

Coin Days Destroyed (CDD) annotated chart. Source: UTXO Management/Twitter

Strong hands have remained firm since a spike in old hand selling after BTC/USD crossed 2017’s all-time highs of $20,000 last year, according to the data.

Even the recent rally to nearly $70,000 failed to significantly break the trend, and new market entrants continue to sell.

Summer buyers are sellers in the winter

Unchained Capital’s Hodl Waves metric confirms this: coins purchased between three and six months ago now account for the largest reduction in overall supply.

This means that sellers bought their bitcoins between June and September of this year when the price of bitcoin fell to $30,000.

Bitcoin Hodl Waves chart. Source: Unchained Capital

As reported by Cointelegraph, clear distinctions between different groups of hodlers have long been scrutinized.

Even those who bought at $20,000 are doubling down, as BTC/USD is expected to end 2021 at around $20,000 higher than it was in January.

Meanwhile, senior analyst Dylan LeClair of UTXO Management noted last week that hodlers are adding to their positions, in general, this month.


Comment Template

You May Also Like

Business

Market Volatility Persists: Dow and S&P Post Third Consecutive Drops U.S. stocks experienced a slight decline on Tuesday, marking the third consecutive session of...

Business

Russian Soyuz Spacecraft Launch Aborted Moments Before Blast-Off The launch of a Russian Soyuz spacecraft destined for the International Space Station (ISS) encountered a...

Breaking News

Angela Chao’s Fatal Tesla Accident: Police Confirm Intoxication in Report Angela Chao, a prominent shipping tycoon, tragically lost her life last month in a...

Politics

Leo Varadkar: I am no longer best man to be Irish PM Irish Prime Minister Leo Varadkar has announced his immediate resignation as the...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok