HODL

Greed

when

Nearly half the available Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) supply has not moved in the past six months, onchain data confirms.
In the latest edition of its weekly newsletter, “<a href="https://insights.glassnode.com/the-week-onchain-week-33-2024/" target="_blank" rel="noopener noreferrer nofollow">The Week Onchain</a>,” analytics firm Glassnode shows investors did not “sell the top” on BTC.
<h2 id="bitcoin-hodlers-double-down-on-reaccumulation">Bitcoin hodlers double down on reaccumulation</h2>
Bitcoin may have put in a new all-time high some five months ago, but a large section of the BTC investor base continues to double down on its holdings.
Analyzing the realized cap HODL waves indicator, Glassnode reveals that just over 45% of all bitcoins have remained dormant in their wallets for at least the past half a year.
Despite the record highs and subsequent volatility, a considerable swathe of market participants prefer to do nothing.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/a02e314c-839c-4801-b540-c0f680b74a3d.png" alt="45% of Bitcoin supply has not moved in 6 months — Research">
 <figcaption style="text-align: center;">Bitcoin realized cap HODL waves chart (screenshot). Source: Glassnode
 </figcaption>
</figure>
Long-term holders (LTHs) — entities hodling coins for at least 155 days — distributed to the market both leading up to the all-time high and later on.
“We can also assess the 7-day change in LTH supply as a tool to assess rates of change in their aggregate balance. We can see substantial LTH distribution, typical of macro topping formations, into the March ATH,” Glassnode explains.
<blockquote>
 “Fewer than 1.7% of trading days have ever recording a larger distribution pressure. More recently, this metric has returned to positive territory, indicating that the LTH cohort are expressing a preference for holding onto their coins.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/0c74dbdf-2c7a-4118-bd78-87e5524a68a0.png" alt="45% of Bitcoin supply has not moved in 6 months — Research">
 <figcaption style="text-align: center;">Bitcoin long-term/short-term holder supply ratio chart (screenshot). Source: Glassnode
 </figcaption>
</figure>
That theme speaks to what “The Week Onchain” describes as “a notable slow-down in the distribution pressure by LTHs.”
“This has led to the percentage of network wealth held by this cohort to firstly stabilize, and then recommence growing,” it continues.
<blockquote>
 “Despite the substantial sell-side pressure by LTHs into the market ATH, wealth held by longer-term investors remains historically elevated when compared to previous all time high breakouts.”
</blockquote>
<h2 id="btc-sell-off-angst-pervades-market-mood">BTC sell-off angst pervades market mood</h2>
As Cointelegraph continues to report, sell-side pressure is never far from traders’ minds this month.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-3-months-copy-gold-bull-run-analyst" rel="noopener noreferrer nofollow">Bitcoin price may need 3 months to copy gold bull run — Analyst</a>
After the mass sell-off at the start of August, concerns of a <a href="https://cointelegraph.com/news/btc-price-chart-bitcoin-match-49-5-k-lows-days" rel="noopener noreferrer nofollow">retest of six-month lows</a> have combined with analysis showing “older” coins <a href="https://cointelegraph.com/news/bitcoin-sell-pressure-risk-as-1-7b-in-dormant-btc-moves-over-2-days" rel="noopener noreferrer nofollow">moving onchain</a>.
Recent fluctuations in the <a href="https://cointelegraph.com/news/more-extreme-fear-ftx-crash-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">Crypto Fear &amp; Greed Index</a> underscore the uncertainty currently running through crypto as a whole.
Countering this is optimism over global liquidity, with some perspectives seeing crypto benefiting from a move toward <a href="https://cointelegraph.com/explained/impact-of-fed-interest-rates-on-crypto-holders" rel="noopener noreferrer nofollow">financial policy easing</a>.
“Global money supply is exploding up. Plus we just broke out of a massive 4 year consolidation,” Charles Charles Edwards, the founder of quantitative Bitcoin and digital asset fund Capriole Investments, <a href="https://x.com/caprioleio/status/1823346927712567631" target="_blank" rel="noopener noreferrer nofollow">wrote</a> on X this week.
<blockquote>
 “What do you think this means for Bitcoin?”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/9df2f7c2-3c39-45b4-ad4d-f2c3567a49e1.png" alt="45% of Bitcoin supply has not moved in 6 months — Research">
 <figcaption style="text-align: center;">Global money supply chart. Source: Charles Edwards/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

45% of Bitcoin supply has not moved in 6 months — Research

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