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Data shows that Bitcoin supply has now reached its all-time HODLing level, a sign that could be bullish for the crypto’s price.
Bitcoin HODLed of Lost Coins Metric Reached New ATH
According to the latest weekly report from glass nodeinvestors have shown aggressive accumulation behavior of late.
There are a few relevant indicators here. The first is the “HODLed of Lost Coins”, which measures the total number of coins that have been dormant on the blockchain. Such coins belong either to the HODLersor simply in wallets that have been lost (hence the name of the statistic).
The other indicator is the “HODLer Net Position Change”, which tells us the amount of Bitcoin currently entering or exiting this dormant stock.
When the supply of HODLer rises, it means that investors have been accumulating more lately and holding their coins strongly.
Here is a chart showing the trend in both Bitcoin indicators over the past few years:
The value of the two metrics seems to have been high in recent weeks | Source: Glassnode's The Week Onchain - Week 45, 2022
The chart above shows that the Bitcoin HODLer or Lost Coins stock was at a high value just before the 2021 bull run hit in full swing.
However, after it started, the indicator fell as HODLers started selling at a profit. This trend of negative net position change in their offerings ran to May 2021when there was a reversal.
The investors have since generally held strong and accumulated more coins, as the green net position change shows.
As a result of this accumulation, the Bitcoin HODLer of Lost Coins statistic has now reached a new record.
Another way to see this aggressive HODLing behavior is through the “Last active < 6 months" indicator, which measures the amount of BTC that has seen some movement in the past six months.
Looks like this metric has declined recently | Source: Glassnode's The Week Onchain - Week 45, 2022
As you can see from the chart, the percentage of Bitcoin stock that was last active in the past six months is currently at an all-time low.
This means that much of the supply has been dormant in recent times, further proving the extreme HODLing taking place now.
Obviously, this kind of investor mindset can be bullish for the price of the crypto in the long run.
At the moment of writing, The price of Bitcoin hovers around $19.6k, down 4% over the past week.
The value of the crypto plummets down | Source: BTCUSD on TradingView
Featured image from Quaritsch Photography on Unsplash.com, charts from TradingView.com, Glassnode.com