Bitcoin Diamond Hands sit Tight Despite Rally – 1-Year+ Old Supply hits ATH

Bitcoin briefly went over $25K a few hours ago but has since retracted to the high $24K region. Meanwhile, diamond hands are holding strong as the supply older than 6 months is near an ATH at the moment

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

“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.”


Master Asked on February 21, 2023 in Bitcoin.
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