{"id":5731,"date":"2022-07-18T06:33:25","date_gmt":"2022-07-18T06:33:25","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5731"},"modified":"2022-07-18T06:33:26","modified_gmt":"2022-07-18T06:33:26","slug":"bitcoin-hodling-activity-resembles-previous-market-bottoms-glassnode","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5731","title":{"rendered":"Bitcoin hodling activity resembles previous market bottoms: Glassnode"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The majority of Bitcoin has been \u201chodled\u201d for at least three months in behavior bearing a striking resemblance to previous Bitcoin market bottoms, says blockchain analytics firm Glassnode.<\/p>\n<p>In a July 16 tweet, Glassnode noted that more than 80% of the total U.S. dollar (USD)-denominated wealth invested in Bitcoin has not been touched for at least three months. <\/p>\n<p>This signifies that the \u201cmajority of BTC coin supply is dormant\u201d and that hodlers are \u201cincreasingly unwilling to spend at lower prices,\u201d said the firm.<\/p>\n<p lang=\"en\" dir=\"ltr\">Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.<\/p>\n<p>This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.<\/p>\n<p>Live Chart: https:\/\/t.co\/lRtBe69Phz pic.twitter.com\/NIQzwkXQDv<\/p>\n<p>\u2014 glassnode (@glassnode) July 16, 2022<\/p>\n<p>Bitcoin\u2019s price is $21,013 at the time of writing, down almost 70% from its all-time high of $69,044 in November 2021. The current price puts around 45% of Bitcoin holders with an on-paper loss, according to crypto intelligence firm IntoTheBlock. <\/p>\n<p>According to the Glassnode chart, other times that saw similar levels of Bitcoin hodling were during the end of the bear markets of 2012, 2015, and 2018. <\/p>\n<p>Last week, Coinbase&#8217;s head of institutional research, David Duong, wrote in a July 12 report titled \u201cThe Elusive Bottom\u201d that on-chain data suggests that recent BTC selling has been carried out \u201calmost exclusively\u201d by short-term speculators. Long-term BTC holders \u201chave not been selling into the market weakness,\u201d he added.<\/p>\n<p>\u201cThese holders own a highly concentrated ~77% of the total supply, which is down slightly from 80% to start the year but still quite high,\u201d he explained before adding:<\/p>\n<p>\u201cWe see this is a positive sentiment indicator as we believe these holders are less likely to sell BTC during turbulent periods.\u201d<\/p>\n<p>Earlier in the month, Glassnode analysts noted that the Bitcoin market had seen an almost complete purge of \u201ctourists,\u201d noting that activity on the network is at levels concurrent with the deepest part of the bear market in 2018 and 2019. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin ready to attack key trendline, says data as BTC price holds $20K<\/em><\/strong><\/p>\n<p>Glassnode revealed that the number of active addresses and entities had seen a downtrend since November 2021, implying new and existing investors alike are not interacting with the network.<\/p>\n<p>Additionally, the number of non-zero BTC addresses has reached an all-time high of 42,530,652, according to the firm.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hodling-activity-resembles-previous-market-bottoms-glassnode\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The majority of Bitcoin has been \u201chodled\u201d for at least three months in behavior bearing a striking resemblance to previous Bitcoin market bottoms, says blockchain analytics firm Glassnode. In a July 16 tweet, Glassnode noted that more than 80% of the total U.S. dollar (USD)-denominated wealth invested in Bitcoin has not been touched for at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-5731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5731"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5731\/revisions"}],"predecessor-version":[{"id":5733,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5731\/revisions\/5733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5732"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}