Bitcoin (BTC) HODLers Stay Strong as 74% of Supply Has Not Moved in Six Months
- WBOYOriginal
- 2024-08-20 00:29:171103browse
Three-quarters of all Bitcoin (BTC) has not been moved for at least six months, on-chain data shows.
A large portion of Bitcoin (BTC) has not been moved in at least six months, according to on-chain data.
Data collected by Cointelegraph from blockchain analytics platform Glassnode shows that about 74% of all Bitcoin has not been moved for at least half a year. This is noteworthy, especially since BTC’s price has fallen 21% from its all-time high.
As reported by ReadWrite last week, Bitcoin recently dropped below $58,000, decreasing by 5.35% within hours to a low of $56,600. At the time of writing, CoinMarketCap data shows that BTC is trading just under $58,500 after dropping by 2.8% from a price of $60,200 reported 24 hours ago.
This data indicates that Bitcoin investors are holding on to their assets for longer periods, not selling despite short-term drawdowns. Long-term holding is essentially like removing BTC from the circulating supply, which leads to a more favorable supply-demand equation. In simpler terms, it makes Bitcoin appreciation more likely to occur.
Not everyone is bullish on Bitcoin
Onchain analyst James Check noted in an Aug. 19 X post that “over 80% of #Bitcoin Short-Term Holders are underwater, meaning their coin was acquired at a price above the current spot price.” He further highlighted:
“This is similar to 2018, 2019, and mid-2021 which signaled many investors were at risk of panicking and precipitating a bearish trend.”
The Crypto Fear & Greed Index seems to support Check’s remarks, with a current score of 28, indicating that fear is currently driving the cryptocurrency market.
This score is determined 25% by volatility, 25% by market momentum and volume, 15% by social media, 15% by surveys, 10% by dominance, and 10% by search trends data from Google Trends. The index aims to help traders gauge the emotional state of market participants and attempt to save themselves from “emotional overreactions,” according to the website.
CoinMarketCap’s global charts show that the total crypto market cap decreased from $2.12 trillion to $2.07 over the last 24 hours. This means that about $50 billion left the market, decreasing the total market capitalization by over 2.35%.
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