How long would you be willing to HODL Bitcoin? [BTC] whether you have bought any or already own them? Bitcoin has proven in the past that long-term HODLing guarantees a certain level of success.
According to the analysis house Glassnode, the number of lost or HODLed bitcoins for the last 21 months currently stands at 7.45 million bitcoins.
That means about 38% of Bitcoin’s currently circulating supply hasn’t been moved in almost two years.
📈 #Bitcoin $BTC The amount of HODLed or lost coins just hit a 21-month high of 7,456,552,392 BTC
The previous 21-month high of 7,456,375,793 BTC was observed on Aug. 28, 2022
View metric: https://t.co/dJK8rxBVD3 pic.twitter.com/AE7OOLf3Tj
— Glassnode Alerts (@glassnodealerts) September 1, 2022
Unfortunately, anyone who bought Bitcoin 21 months ago would only make a small profit at current price levels.
This is because Bitcoin was trading in the $17,000 price range 21 months ago, compared to its price at press time of $19,726. However, these HODLers have greatly contributed to Bitcoin’s current levels.
The 7.45 million is worth about $230 billion at current market value. This means Bitcoin has a hard bottom of around $12,000, assuming the same hodlers aren’t selling when everyone else is selling.
One way to look at HODL duration is that those who bought near current levels are choosing to hold for the long term.
Understand the HODL mentality
If we look at Bitcoin’s 70.8% decline from its all-time high (ATH), then buyers have an incentive to buy HODL in anticipation of future gains.
The fact that 38% of HODLed BTC has not moved further supports this opinion as the price is also currently close to its 21-month high.
Bitcoin has historically retested and surpassed its previous highs. The same is expected for the next big bull run.
As a result, many merchants choose HODL after the purchase, especially when the discount gets bigger.
Bitcoin’s realized HODL (RHODL) ratio also confirms that many traders prefer to HODL the king coin in its prevailing price range.
The ratio evaluates Bitcoin’s 1-week and 1-year supply wavebands. A high value indicates that new HODLers control most of the supply. On the other hand, a low ratio confirms that older HODLers control most of the supply.
Bitcoin’s RHODL ratio was at its lowest in the last two years. Long-term HODLers thus control most of BTC’s supply, and this bodes well for its macro outlook.
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