The Majority of Bitcoin Supply Active for Over a Year
Analytics firm Glassnode has reported that over 70% of Bitcoin’s circulating supply has been active for more than a year. This milestone signifies the majority of Bitcoin being held by long-term holders rather than being traded or sold. The data from MacroMicro also supports this trend, with approximately 70.71% of Bitcoin’s circulating supply being active for more than a year.
Interestingly, the volume of Bitcoin held by hodlers has been increasing alongside the price of Bitcoin since July 2023. This correlation suggests that hodlers are confident in the long-term potential of Bitcoin.
Despite the increase in hodlers, there has not been a significant outflow of BTC from crypto exchanges. In fact, CryptoQuant data shows that reserves on exchanges have been growing since October 2023.
No Motivation for Long-Term Holders to Sell
A previous report by Glassnode revealed that while the volume of BTC supply in profit has reached levels seen in 2021, it is still not enough to incentivize long-term holders to sell. The cryptocurrency market currently lacks the necessary momentum to motivate these holders to unload their Bitcoin holdings.
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