A new study has surprisingly revealed that hodlers control a large part of the circulating Bitcoin stock. Meanwhile, the number of new participants joining the network is increasing
The current trend in Bitcoin prices is far from inspiring, especially for short-term investors. The BTC / USD market fluctuates between $ 10,200 and $ 11,200, as bears and bulls appear to have reached a dead end.
Turnover, however, gradually declined during this consolidation phase, clearly suggesting that cryptocurrency users are currently “on the sidelines”. Traders are probably hoping for a clearer direction, or perhaps a market indication, encouraging them to take more positions, but at the moment they seem to be watching.
The data obtained in a study, recently concluded, show a new trend that is promising for the macro panorama of BTC. The total supply of Bitcoin is dominated by long-term investors, who are in no hurry to make moves. This is according to Glassnode, an analytical platform that studies and generates on-chain metrics for digital asset enthusiasts.
The blockchain intelligence and data provider posted a tweet stating that the 63.3% BTC volume saw no transfers in more than a year. Glassnode added that a volume equivalent to 31.4% of the total offer has not seen movement for more than three years.
“Percentage of Bitcoin supply that has not changed in… 1+ years: 63.3% (11.7 million BTC) 2+ years: 44.5% (8.2 million BTC) 3+ years: 31.4% (5.8 million BTC) “.
This means that the recent volatility and change were the result of a minority group of active traders, as the base offer remains inactive.
Looking at these results from a different perspective, the trend appears to be potentially high for Bitcoin. Since the majority of its investor base is adopting the long-term strategy, it is unlikely that they will move to sell on any short-term bullish movements seen so far.