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Hodlers keep accumulating Bitcoin in wake of US regulation onslaught

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Over the past month, Bitcoin’s price has fluctuated with every major macro event and regulatory announcement, such as the SEC’s recent lawsuits against Coinbase and Binance, which allege multiple securities violations and contain language that could reshape the industry.

These events have only introduced more volatility, and even though Bitcoin’s price swings have not been as aggressive as they could be, they have led to a chaotic and uncertain market atmosphere.

Nevertheless, this has not deterred long-term holders from accumulating.

Diamond hands forever

Long-term holders are addresses that have held onto their coins for at least 155 days without moving them, showing a more patient and long-term investment approach to Bitcoin. As such, they serve as a vital indicator of market sentiment, as short-term market fluctuations are less likely to affect them.

Despite the ongoing market uncertainty, holders have continued their Bitcoin accumulation. Data from Glassnode showed that holders have been increasing their BTC position since the beginning of the year, with every single day showing a positive change in their position.

A notable accumulation spike was observed in early May, sparking a new wave of accumulation. As of June 12, hodlers were increasing their positions at a rate of 39,233 BTC per month.

Graph showing the hodler net position change YTD (Source: Glassnode)

Historically, net changes in hodler positions have been inversely correlated with Bitcoin’s price fluctuations — when Bitcoin’s price peaks, long-term hodlers decrease their positions. This indicates experienced market participants tend to buy more Bitcoin when its price is low and sell when the price increases.

Graph showing the holder net position change and Bitcoin’s price from July 2018 to July 2023 (Source: Glassnode)

Another on-chain metric, Coin Days Destroyed 90 (CDD-90), further supports this accumulation trend.

Coin Days Destroyed is a way of measuring the movement of old coins. Holding a single Bitcoin for a day creates one coin day, while moving the Bitcoin destroys the coin day. CDD tracks the total age of all Bitcoins moved on a given day, providing insight into how many older coins held by long-term holders are on the move.

And while CDD provides a solid overview of the state of old coins, CDD-90 is a much more relevant measure. The metric adds up all the CDD from the past 90 days, providing a better insight into Bitcoin’s economic activity over a more extended period. An uptrend in CDD indicates holders who own coins with long lifespans are selling, while a downtrend shows a decrease in interest.

Since February 21, the CDD-90 has been moving sideways. This suggests that hodlers have slowed their spending and are increasing their Bitcoin positions. This accumulation reduces the amount of Bitcoin available in the market, tightening the supply.

Graph showing Coin Days Destroyed 90 (CDD-90) YTD (Source: Glassnode)

The accumulation from long-term hodlers and the sideways trend of the CDD-90 suggest a continuous interest in Bitcoin that defies the uncertain conditions in the market. While the immediate future of Bitcoin remains uncertain given the complexity of the macro and intra-industry factors at play, these metrics indicate a silent but firm confidence in the asset.

The post Hodlers keep accumulating Bitcoin in wake of US regulation onslaught appeared first on CryptoSlate.

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Luna Collapse 1 Year on: BTC hodlers show resolve

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Quick Take

Bitcoin supply, last active 1+ year ago, has hit a new all-time high: the percent of circulating supply that has not moved in at least one year.

This metric has surpassed 68% for the first time.

We are firmly in the capitulation zone from last year’s Luna collapse; these holders have held for one turbulent year.

Between April and June 2022, Bitcoin dropped from $48,000 to $19,000.

All other age bands are at all-time highs as well;

SLA 2+  years: 55.19%

SLA 3+ years: 40.03%

SLA 5+ years: 28.877%

Supply Last Active: (Source: Glassnode)

Price: (Source: Glassnode)

The post Luna Collapse 1 Year on: BTC hodlers show resolve appeared first on CryptoSlate.

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HODLers Are Buying 15,000 BTC Per Month

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On-chain data shows the Bitcoin HODLers are currently displaying net accumulation behavior, as they grow their holdings by 15,000 BTC per month.

Bitcoin Long-Term Holders Have Been Accumulating Recently

According to data from the on-chain analytics firm Glassnode, these investors were previously aggressively distributing during the bear market lows. The HODLers, or more formally, the “long-term holders” (LTHs), make up a Bitcoin cohort that includes all investors that have been holding onto their coins since at least 155 days ago.

The LTHs make up one of the two main holder groups in the market; the other cohort is called the “short-term holder” (STH) group and naturally includes only investors that bought their BTC less than 155 days ago.

Statistically speaking, the longer a holder owns a coin, the less likely they become to sell it at any point. This means that the LTHs are the more resolute bunch of the two groups, which is why they are called the “HODLers” or the diamond hands of the market.

As these investors are an important part of the sector, their movements can be worth tracking. An indicator called the “HODLer net position change” measures the monthly rate at which these investors are buying or selling a net amount of Bitcoin right now.

The chart below shows the trend in this metric over the last few years:

The value of the metric seems to have been green in recent months | Source: Glassnode on Twitter

When the HODLer net position change has a positive value, it means these investors are receiving inflows into their holdings currently. On the other hand, negative values suggest a net number of coins are exiting the supply of the LTHs.

As displayed in the graph, the Bitcoin HODLer net position change had a deep red value during the bear market lows that followed the November 2022 FTX crash. This means that the LTHs had been selling during this period.

This sharp negative spike has been an exception to the long-term trend, however, as the HODLers have actually been showing an overall strong accumulation behavior over the past couple of years. The last time these investors participated in consistent distribution was during the bull rally in the first half of 2021.

From the chart, it’s visible that after the aforementioned brief period of distribution at the bear market lows, the LTHs switched back to accumulation just before the current rally began.

These diamond hands have continued to add to their holdings throughout the rally so far, showing that they haven’t been allured by the profit-taking opportunity. This can be a bullish sign for the long-term sustainability of the rally.

Though, very recently, the monthly amount that they have been adding to their holdings has been trending down. Nonetheless, the indicator’s value still remains positive, as the Bitcoin LTHs are accumulating at a rate of 15,000 BTC per month currently.

BTC Price

At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week.

BTC has seen some heavy fluctuations during the past day | Source: BTCUSD on TradingView

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com

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