If you’re looking at crypto-related tweets, you’ve likely seen some investors tweeting that they held on to Bitcoin (BTC) during last year’s bear market. In fact, there is evidence of that.
Bitcoin’s “HODL Waves” metric, produced by Unchain Capital and tracked by Glassnode, shows unused transaction outlets (UTXOs) older than 5 years up by 17% over the past six months.
The HODL Waves index is an index that represents the distribution of elapsed years of UTXO. UTXO represents Bitcoin left over after a transaction. In other words, the age of UTXO indicates when Bitcoin last moved.
The recent increase in UTXOs that are over five years old suggests that some investors continued to hold on to Bitcoin during the market downturn.
Capriole Investment founder Charles Edwards tweeted about the UTXO data as evidence that long-term holders are accumulating bitcoin at the fastest pace in eight years. In response, Blockware Solutions head analyst Joe Burnett said UTXO’s age is bullish.
Bitcoin rose about 40% in January, according to CoinDesk data.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Glassnode
｜Original: Bitcoin’s Blockchain Data Offers Evidence of Continued Investor HODLing During Bear Market