Veterans still hodling BTC despite 70% price growth this year

Veterans still hodling BTC despite 70% price growth this year
фото показано с : invezz.com

2021-12-29 18:45

Veteran Bitcoin (BTC/USD) hodlers are still selling record low amounts of the flagship crypto even though it gained 70% this year. In the last quarter of the year, only younger BTC bought at the summer $30,000 lows is being transacted, data shared by CoinTelegraph shows. Seasoned hodlers have barely spent any coins despite $69,000 all-time highs this year.

The Coin Days Destroyed (CDD) metric from on-chain analytics firm Glassnode also shows that the share of BTC spent by veterans remains near record lows. CDD remains calm in the latest sign of the conviction of those who invest in and hold Bitcoin for years.

An alternative to simple volume measurements

The indicator quoted by CDD refers to how long each Bitcoin has been dormant with each move. This is an alternative to simple volume measurements to establish market trends. Therefore, younger coins are less important than older ones with a history of active movement.

UTXO Management summarized alongside an imprint of the chart:

The 90-Day Coin Days Destroyed Bitcoin metric shows the behavior of what older coins are doing. Rising values show older coins being spent. Despite a rise over the last few months, the current value is still around historic lows.

A spike in old coin sales after 2017 all time high

The data shows that strong hands have ‘stayed firm’ ever since a spike in old coin sales after the BTC/USD rate crossed 2017’s ATH of $20,000 last year. The trend remained intact despite the run to nearly $70,000. Newer market entrants seem to be generating the selling at the moment.

Buy in summer, sell in winter

An Unchained Capital metric called Hodl Waves indicates that Bitcoin bought between three and six months ago is now responsible for the biggest drop in overall supply. This suggests that sellers bought their BTC between June and September this year. During this period, BTC/USD dropped to lows of $30,000.

Differences between hodlers

Differences between hodlers have long been under the loop. As BTC/USD is about to end 2021 at around $20,000 above the start of January, even market entrants at $20,000 are doubling down. Hodlers are adding to their positions this month.   

The post Veterans still hodling BTC despite 70% price growth this year appeared first on Invezz.

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year btc still summer bought younger quarter

Источник: invezz.com

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