Bitcoin (BTC<\/a>) may already be beginning its new macro uptrend if historical “hodl” habits repeat.<\/p>\n That was the conclusion from research into the latest data covering<\/a> the amount of the BTC supply dormant for one year or more as of July 2022.<\/p>\n According to independent analyst Miles Johal, who uploaded the findings to social media on July 29, a \u201crounded top\u201d formation in “hodled” BTC is in the process of completing. <\/p>\n Once it does, the price should react \u2014 just like on multiple occasions before.<\/p>\n The clue lies in Bitcoin\u2019s HODL Waves metric, which breaks down the supply according to when each Bitcoin last moved. One year ago or more \u2014 the one-year HODL Wave \u2014 currently reflects the majority of the supply<\/a>.<\/p>\n Johal\u2019s accompanying chart shows that the greater the proportion of the overall supply stationary for at least a year, the closer BTC\/USD is to a macro bottom.<\/p>\n More importantly, however, a slowing of the one-year HODL Wave \u2014 indicating accumulation is calming down \u2014 followed by the start of a reversal has always come at the start of a new long-term BTC price uptrend.<\/p>\n This \u201crounded top\u201d chart phenomenon is thus being keenly eyed as a potential source of hope with Bitcoin already making up lost ground.<\/p>\n In comments, Johal argued that few had been paying attention to HODL Waves.<\/p>\n Separate data from on-chain analytics firm Glassnode, meanwhile,\u00a0highlighted<\/a> the ongoing trend of Bitcoin leaving exchanges.<\/p>\n Related:\u00a0Bitcoin bull run \u2018getting interesting\u2019 as BTC price hits 6-week high<\/a><\/em><\/strong><\/p>\n BTC in exchange wallets now accounts for just 12.6% of the overall supply, down 4.6% of the overall supply since the March 2020 crash, staff noted.<\/p>\n #Bitcoin<\/a> balance on exchanges continues its macro decline, reaching 12.6% of the Circulating Supply (2.4M $BTC<\/a>).<\/p>\n Exchange balances have now seen a macro outflow of over 4.6% of the circulating supply since the March 2020 ATH.<\/p>\n Live Chart: https:\/\/t.co\/zJnfaG05zt<\/a> pic.twitter.com\/vhKCudqGUr<\/a><\/p>\n \u2014 glassnode (@glassnode) July 29, 2022<\/a><\/p><\/blockquote>\n In BTC terms, the figure is 2.4 million BTC now compared to 3.15 million BTC in March 2020. The number is the lowest since July 2018.<\/p>\n Earlier this month, Cointelegraph reported on the accelerating trend of removing coins<\/a> from exchanges.<\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\nHodled BTC hints that the bear market is over<\/h2>\n
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Exchange balances lowest since 2018<\/h2>\n
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