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Bitcoin

Bitcoin Bullish Signal: HODLers Buying At A Rate Of 194,500 BTC Per Month

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin HODLers have continued to accumulate recently as they expand their holdings at a rate of 194,500 BTC per month.

Bitcoin’s Illiquid Supply Has Continued To Go Up Recently

According to data from the on-chain analytics firm Glassnode, the BTC illiquid supply is currently growing at rates near the cycle high. The “illiquid supply” here refers to the combined wallet amounts held by Bitcoin entities that have little to no history of spending their coins.

An “entity” here is a single address or a collection of addresses that Glassnode has determined through its analysis to belong to the same investor. The entities that have participated in a low amount of selling would be the high-conviction BTC investors, popularly called the “HODLers.”

The supply of these HODLers may also be tracked using the “long-term holder (LTH) supply” metric, where LTHs are investors who purchased their coins more than 155 days ago.

However, the LTH supply indicator can lag behind, as only coins that have aged at least 155 days ago are included in it. So, if some investors who are planning to hold for extended periods do some buying, the LTH supply wouldn’t register them until 155 days later.

The illiquid supply somewhat mitigates this problem as it counts all coins that are likely to mature into the LTH cohort based on their buyers’ past experience. Naturally, this method isn’t entirely accurate, but it can still nonetheless provide us an idea about the buying or selling behavior of the HODLers.

Related Reading: Bitcoin Long-Term Holder Spending Spikes, But How Does It Compare With Last Bull Market?

Now, here is a chart that shows the trend in the Bitcoin “illiquid supply change” metric, which measures the 30-day changes taking place in this supply:

Image

Looks like the value of the metric has been quite high in recent days | Source: Glassnode on Twitter

As displayed in the above graph, the Bitcoin illiquid supply change has surged to highly positive values recently, implying that the holdings of the investors who are known to HODL for long periods have been expanding.

From the graph, it’s visible that the indicator’s value has actually been positive for a long while now, with the exception of a few brief periods. Back in February-March, for example, these investors had been distributing. Interestingly, the local top in the asset coincided with this selling and BTC then followed up with a sharp decline.

Related Reading: CME Group To Unveil Ethereum-Bitcoin Ratio Futures, A New Era In Crypto?

With the recovery rally from this crash, the HODLers went back to accumulating, but their buying remained relatively mild. Recently, however, these investors have ramped up their purchasing, as the illiquid supply change has now neared the cyclical highs that were seen during the consolidation period that preceded the January rally.

According to the current value of the indicator, these investors are buying at a rate of 194,500 BTC per month. While this accumulation may not necessarily provide bullish fuel by itself, the fact that these HODLers have continued to buy through the latest leg in the Bitcoin rally is a positive sign.

BTC Price

At the time of writing, Bitcoin is trading around $30,700, up 2% in the last week.

Bitcoin Price Chart

BTC has remained stagnant recently | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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