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Bitcoin

Bitcoin Diamond Hands Sit Tight Despite Rally, 1-Year+ Old Supply Hits ATH

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

Data shows the Bitcoin supply older than 1 year has hit an all-time high, showing that the asset’s diamond hands are holding strong through the rally.

Bitcoin Long-Term Holders Don’t Budge Despite The Rally

According to the latest weekly report from Glassnode, the supply older than 6 months is also near an ATH right now. There are two Bitcoin metrics of relevance here, the “supply older than 6 months” and the “supply older than 1 year.”

As their names already suggest, these indicators include coins that have been sitting dormant (that is, they haven’t been moved or sold from a single wallet address) since more than their respective time cutoffs.

Generally, any investor who has been holding onto their coins since more than 6 months ago is included in the “long-term holder” (LTHs) group. This means that both the supplies of interest here (6 months+ and 1 year+) would include these holders.

Statistically speaking, the longer a token stays dormant on the blockchain, the less likely it becomes to be sold at any point. As the LTHs hold onto their coins for such large periods, they don’t easily sell and are thus referred to as the resolute “diamond hands” of the market.

Related Reading: Solana Rises Another 12%, But Can It Flip Dogecoin In Market Cap?

Now, here is a chart that shows the trend in the amount of the Bitcoin supply held by these LTHs, for two different starting cutoffs:

Bitcoin Long-Term Holder Supply

Looks like the values of the metrics have been climbing in recent days | Source: Glassnode's The Week Onchain - Week 8, 2023

As displayed in the above graph, the Bitcoin supply older than 6 months had seen some decline around the FTX collapse, showing that some of these LTHs had been put under enough pressure to capitulate during the crash.

The supply older than 1 year, however, didn’t notice any significant drawdown during the price plunge, suggesting that it was mostly the holders with coins aged between 6-12 months that ended up dumping in the crash. This trend could be looked at as an illustration of how the older coins are generally harder to budge.

Since the crash, both of these supplies have observed an uptrend, with the 1 year+ hitting a new ATH of 12.9 million BTC, while the 6 month+ is almost at one as its current value is about 14.9 million BTC (last ATH was north of 15 million BTC).

Related Reading: Bitcoin Active Addresses Stay Low, Rally Unsustainable?

Interestingly, these supplies have only either moved sideways or up since the latest rally in the price of the asset started. This implies that even the 50% year-to-date (YTD) profits haven’t been able to push these LTHs into participating in some profit-taking, showing that these investors potentially hold some strong bullish conviction about the cryptocurrency right now and may expect even greater returns in the future.

BTC Price

At the time of writing, Bitcoin is trading around $24,600, up 13% in the last week.

Bitcoin Price Chart

BTC seems to have been moving sideways in the last few days | 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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