- 1/4th of all Bitcoins in supply has not moved in half a decade.
- The amount of “HODLing” has been rapidly rising.
- Failures of significant firms as Terra and FTX, have hammered Bitcoin.
The number of Bitcoin that have not moved in over 5 years achieved a new all-time high. The statistic indicates investors are confident in the long-term trend of BTC. According to Documenting Bitcoin, 1/4th of all BTC has not changed hands in half a decade.
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Other measurements generally indicate that since the beginning of 2020, the amount of “HODLing” has been rapidly rising. One of the numerous characteristics that make Bitcoin valuable as a disruptive financial instrument is its limited supply.
Typically, investors that hold Bitcoin with a long-term view are represented by the half-decade supply. It comprises those who believe Bitcoin will develop into a significant store of value similar to gold 2.0. It also consists of those that think BTC will act as an inflation hedge.
Therefore, the fact that the quantity of Bitcoin has remained constant for four to five years might be a sign that BTC is being held by individual investors.
Contrarily, Bitcoin “shrimps,” a group of addresses with less than 1 BTC, are listed by Glassnode as having added 96,200 coins since the demise of the FTX exchange.
The balance of Bitcoin crabs, who may possess up to 10 BTC, has also significantly increased during the past month by over 191,600 coins. Additionally, this represents an all-time high.
In conclusion, the adverse macro climate, as well as the failures of such significant firms as Terra and FTX, have hammered Bitcoin. Those that own cryptocurrency, on the other hand, have a more bullish objective of $17,500, and up to $30,000 in the longer term.
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