Have you ever wondered how many people are truly committed to holding onto their Bitcoin? Well, it turns out that about three-quarters of all Bitcoin in circulation hasn’t moved in the past six months or longer. This insight comes from Glassnode, a platform that dives deep into blockchain data.
A Big Jump in Long-Term Holders
According to Glassnode’s Hodl Wave chart, which tracks how long Bitcoin stays put in wallets, the number of long-term holders has risen sharply. Just a week ago, around 45% of Bitcoins hadn’t been touched for at least six months. Now, that figure has jumped to an impressive 74%.
So, what’s driving this trend? It suggests that many Bitcoin holders are opting to ride out the current market, even though Bitcoin’s value has dipped by 20% this year to date. These holders might be betting on the possibility that Bitcoin’s value will bounce back in the future.
What Happens When Everyone Holds?
When more people decide to hold their Bitcoin, it means less of it is available for trading. If demand picks up while supply remains tight, it could potentially push the price higher. However, this scenario hinges on more buyers entering the market.
So, What Is Hodling Anyway?
If you’re new to the term “hodling,” it’s a concept that’s been around the crypto world for a while. It means holding onto your cryptocurrency for the long term, rather than selling it off quickly. The term actually started as a typo in an online forum but has since become a popular strategy among Bitcoin enthusiasts. The idea is that by holding onto your Bitcoin, you can help create more stability in the market, which might improve Bitcoin’s overall reputation. Or to put it plain and simple, DO NOT SELL YOUR BITCOIN, as Michael Saylor tells us in his 21 rules of Bitcoin.
Staying Calm in a Volatile Market
Despite the ups and downs in the market, a large number of Bitcoin holders are staying calm and holding onto their coins. They’re likely hoping that the future will bring better days, and they’re willing to wait it out. So, whether you’re new to Bitcoin or a seasoned pro, it’s interesting to see how different strategies play out—and how they might impact the market moving forward.
At time of writing, Bitcoin is moving hands at $58,163, down 3% over the last 24 hour according to CoinMarketCap.
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