In a significant development for the cryptocurrency market, Glassnode reports that the amount of HODLed or lost Bitcoin (BTC) has surged to a 5-year high, reaching a remarkable figure of 7,814,586.095 BTC. This milestone was achieved following the previous 5-year high of 7,814,568.085 BTC observed merely a day ago on 14 August 2023. This data underscores the growing trend of long-term Bitcoin holders, also known as “HODLers,” who demonstrate their steadfast faith in the digital asset’s potential.
The data analytics firm has also noted another positive trend in the Bitcoin ecosystem. The amount of supply that was last active between 3 to 6 months, as measured by a 1-day moving average, has surged to a 3-month high of 1,425,621.994 BTC. This surpasses the previous 3-month high of 1,425,205.617 BTC, recorded on 15 May 2023. This surge in Bitcoin movement suggests increased investor confidence, as more participants opt to hold onto their assets rather than trading them, possibly anticipating further price appreciation.
Bitcoin 10+ holder addresses hit new ATH
Moreover, the number of Bitcoin addresses holding 10 or more coins has achieved a notable milestone. Glassnode’s data reveals that the count of such addresses has reached a 3-year high, with 157,107 addresses falling into this category. This positive development follows the previous 3-year high of 157,088 addresses, recorded on 13 August 2023. This growing number of addresses holding substantial Bitcoin quantities might reflect an accumulation trend by larger investors and institutions, adding to the overall bullish sentiment surrounding the cryptocurrency.
The confluence of these three metrics paints a picture of a Bitcoin market exhibiting robust and sustained growth. The surge in HODLing indicates a belief among long-term investors in Bitcoin’s potential to act as a store of value, while the increasing amount of supply last active within the 3 to 6-month range suggests reduced selling pressure and strong investor conviction. The rising count of addresses holding significant amounts of Bitcoin speaks to the broader cryptocurrency adoption within institutional circles.
As the cryptocurrency landscape continues to evolve, these metrics underscore the dynamic nature of investor behaviour and the maturation of the Bitcoin market. While short-term price fluctuations remain a characteristic of this nascent asset class, the increasing prevalence of long-term holders and the positive supply movement indicators hint at a more stable and promising future for Bitcoin.
