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Bitcoin

Bitcoin Holders Continue To Absorb Coins Dumped By Panic-Sellers

Best Owie
by Best Owie
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin holders are growing by the day. With the digital asset’s history, most investors have realized that to make returns, holding is the best way to go. Nevertheless, there are still “paper hands” investors who continue to dump their coins with each market fluctuation. Such has also been the case given the recent downtrend but this time around, there are more bitcoin holders waiting to absorb all the supply being dumped on the market.

Holders Are Accumulating

Even with the downtrend in the value of bitcoin, holders have not stopped accumulating coins. This has led to a new local high of 72% of all USD being stored in bitcoin by holders who have held older than three months. This is quite common in bear markets where long-term investors are more likely to slow their spending because they see more value in a digital asset.

Related Reading | Canada-based Bitcoin ETF Sees Surge In Demand Amid Unrest

Most of these numbers are held by holders who have been holding around 3 months to 6 months. Although these holders are more likely to hold for even longer. They have continued to absorb an increased coin volume over the last three months.

btc absorbed

BTC older than 3 months at 72% | Source: Glassnode

More bitcoin volumes are maturing to the same three months age every 30 days, with over 335K BTC maturing each month. This is 12.2x the daily coin issuance realized by miners.

This trend is not dissimilar to that observed in mid-2022, and again in June to September 2021. Both times, these accumulations have held significant implications for the digital asset, heralding the start of another bull rally each time. The resulting uptrend following both times was indeed powerful.

Bitcoin Illiquid Supply Grows

Another metric that serves as evidence that bitcoin long-term holders are absorbing more supply is the volume of illiquid supply. This volume has been growing steadily over the past year and has continued to do so into the new year. It proves that the current market remains a holder market.

The illiquid supply of bitcoin shows that the volume of coins held in wallets that have little to no history of spending is high. Most of these are the wallets of holders who accumulate by dollar-cost averaging or cold wallets. These coins are not spent in any way nor are they moved to exchanges to sell. The holders are doing the same thing and that is accumulating.

Related Reading | Ukraine Crypto Donations Ramp Up As Binance, Others Join In

The volume of illiquid supply recently touched a new high according to data from Glassnode. It had peaked back in May 2021 but has now surpassed it at 76.3%. This brings the market back to 2017 market cap levels. This metric can spell bad news as much as it can spell good news.

Bitcoin illiquid supply

BTC illiquid supply grows | Source: Glassnode

The good news is that holders are accumulating their coins. But the bad news remains that anytime the illiquid supply has peaked in the past, a major sell-off event had followed, seeing a crash in the price of the digital asset. As illiquid supply volume touches a new high, it is now a waiting game to see if history will truly repeat itself once more.

Bitcoin price chart from TradingView.com

BTC recovers above $43,000 | Source: BTCUSD on TradingView.com
Featured image from The Guardian, charts from Glassnode and TradingView.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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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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