Bitcoin Hodlers Refuse to Sell as BTC Price Rises
Bitcoin has gained a new generation of hodlers in the past three years as stubborn investors refuse to sell. Data from the popular HODL Waves metric shows that those who bought Bitcoin in late 2020 are still sitting on their coins.
BTC Price Should Go “Way Higher” for Hodlers to Sell
Bitcoin’s longer-term investor cohorts, known as long-term holders (LTHs), are in no mood to decrease their exposure despite the recent bull run. HODL Waves data reveals a growing age band of unmoved coins in the past year.
Those who bought BTC between December 2020 and December 2021 have resisted profit-taking, indicating that they are waiting for the price to go even higher before selling.
Speculators Take Profit, but LTHs Remain Strong
In contrast to LTHs, short-term holders (STH) or speculators have increased profit-taking over the past week. However, this has had little impact on spot markets as LTHs continue to control more of the supply.
According to Glassnode, LTHs currently hold 14.92 million BTC, which is slightly below the all-time high of 14.95 million BTC seen on November 28. This represents about 76.3% of the total supply.
Hot Take: Bitcoin Hodlers Show Long-Term Conviction
The growing number of hodlers who refuse to sell their Bitcoin demonstrates a strong conviction in the long-term potential of the cryptocurrency. Despite recent price increases, these investors believe that BTC still has room for significant growth before they consider selling their coins.
This behavior highlights the difference between long-term holders and short-term speculators, with the former holding onto their coins and the latter taking profits. The continued presence of hodlers in the market bodes well for Bitcoin’s future, as it suggests a sustained demand and a belief in its value.
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