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Bitcoin HODLing Has Never Been More Popular

Investors are hanging onto their bitcoin (BTC) longer than ever – HODLing in industry parlance – according to data from Glassnode.

The proportion of BTC that’s been held for at least a year has climbed to a record 68%, Glassnode data shows, while 55% of bitcoin has been held for at least two years and 40% for three years.

Many analysts consider it bullish when BTC sits dormant on grounds that investors are choosing to hold on rather than sell. The prevalence of buy-and-hold in crypto contrasts with the long-term shift in U.S. stocks, a market where investors now hold assets for dramatically less time than they used to.

BTC: supply last active 1yr + age bands (Glassnode)
BTC: supply last active 1yr + age bands (Glassnode)

Sean Farrell, head of digital assets research at FundStrat, said that being a long-term holder has tended to get more popular over time. The exception is when markets get frothy and investors who bought dips sell their older coins to eager buyers.

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“The trend is bullish insofar it means that higher prices are ahead in this cycle and any reticence to sell from current HODLers could result in a mini-supply squeeze,” said Farrell.

He added that looking at long-term holder supply metrics is not necessarily useful for short-term price signals.

Long-Term-Holder Supply, which Glassnode deems as coins held for longer than 155 days, has also seen a new all-time high — reaching 14.46 million bitcoin. “This reflects coins acquired immediately after the FTX failure maturing into long term holder status,” said the report.

Bitcoin long term/short term holder threshold (Glassnode)
Bitcoin long term/short term holder threshold (Glassnode)

Glassnode’s Liveliness metric – which compares the relative balance between HODLing and spending behavior – also shows investors are hanging on. It has fallen to the lowest level since December 2020.