‘Hodlers Are Insane’
Hodler, this is for you as we all know you’ve got a loose grip on reality ha! JUST kidding!
“Over 60% of the total Bitcoin (BTC) in circulation has not left its wallet in more than a year, highlighting demand among investors.
That was the conclusion of analyst Rhythm, who uploaded statistics about Bitcoin network activity on Dec. 2.
BTC investors shun risk and short-term gains
Of the roughly 18.08 million Bitcoins which have been mined, 11.58 million — or 64% of the supply — has stayed in the same wallet since 2018.
The figure is striking as during that time, BTC/USD expanded from $3,100 last December to 2019 highs of $13,800 just six months later.
Subsequently, markets reversed downward, shaving 52% off the highs to reach local lows of $6,500 on Nov. 25.
“Hodlers of last resort are insane,” Rhythm summarized.
According to the data, the amount of dormant BTC as a percentage of the total supply has sharply increased in recent years. The trend has remained intact during both bull markets and bear markets, signaling a desire among investors to save rather than spend regardless of profitability.”