Bitcoin (BTC<\/a>) may be struggling at $40,000 but fresh data is reinforcing the fact that hardly anyone is interested in selling.<\/p>\n Data<\/a> from on-chain analytics firm Glassnode shows that despite price volatility, over 60% of the BTC supply has not left its wallet in a year or more.<\/p>\n Stubborn hodling by long-term investors is a characteristic that differentiates the current Bitcoin market climate from most other downtrends.<\/p>\n With spot price action passing 50% losses versus November’s all-time highs last month, expectations were for cold feet to kick in<\/a> \u2014 but among seasoned hodlers, the sell-off never came.<\/p>\n In fact, the opposite has been true for an extended period \u2014 long-term investors are adding to their positions or staying put on their BTC exposure.<\/p>\n According to Glassnode’s HODL Waves indicator, as of Feb. 18, 60.61% of the BTC supply has not been used in a transaction for a year or more.<\/p>\n The figure is significant \u2014 only twice before<\/a> in Bitcoin’s history has the one-year-or-more value reached that level.\u00a0<\/p>\n As noted by entrepreneur and investor Alistair Milne, both occasions followed a downtrend and preceded a major bounceback in Bitcoin price action.<\/p>\n There have only been two occasions where 1yr+ HODL’ing of #Bitcoin<\/a> has been higher (currently 61%).<\/p>\n Early 2016, price $380-450 range Both times were during a prolonged consolidation before a huge bull move<\/p>\n \u2014 Alistair Milne (@alistairmilne) February 18, 2022<\/a><\/p><\/blockquote>\n As such, the odds are on for an altogether different trend to form for Bitcoin in the mid-term, this potentially defying the broadly gloomy narrative over flagging macro support<\/a>, rising interest rates<\/a> and geopolitical tensions<\/a>.<\/p>\n “Long term HODL’ers patiently HODL’ing because they know what’s likely coming soon,” Philip Swift, analyst at trading suite Decentrader, added<\/a> about the data.<\/p>\n Short-term trends thus appear of little consequence for the majority of the bitcoins in circulation, these nonetheless causing modest anxiety this week.<\/p>\n Related:\u00a0This Bitcoin price fractal from 2018 could trap bulls, sink BTC price to $25K \u2014 analyst<\/a><\/em><\/strong><\/p>\n Monitoring order book activity on major exchange Binance, for example, analytics resource Material Indicators noted “rugs” of support disappearing above $40,000 immediately before Friday’s dip to two-week lows.<\/p>\n As promised here’s an update on how #BTC<\/a> liquidity is moving. Not sure if the same entity that rugged $13M is the one that added $15M, but pretty confident the one that added is trying to control the short term PA until they get filled. <\/p>\n Be sure to read the for context. https:\/\/t.co\/9ibMFXixEg<\/a> pic.twitter.com\/JibCwmmnJd<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) February 19, 2022<\/a><\/p><\/blockquote>\n As Cointelegraph additionally reported<\/a>, smaller investors have slowed their accumulation activities over the past week.<\/p>\n<\/div>\nStrong hands have rarely been stronger<\/h2>\n
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Mid-2020, price ~$9000<\/p>\nLow-timeframe moves spell pain for speculators<\/h2>\n
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