Despite reaching all-time highs of $69,000 this year, research indicates that seasoned Bitcoin (BTC) hodlers have barely spent any coins. The proportion of coins spent by elderly hands continues at record lows, according to the Coin Days Destroyed (CDD) metric from on-chain analytics startup Glassnode.
Strong hands will knuckle down throughout 2021
CDD is extremely tranquil, which is the latest proof of the conviction of people who have invested in and held Bitcoin for a long time.
Each time a BTC moves, the indication indicates to how long it has been idle. Simple volume data are no longer sufficient to establish market trends. As a result, older coins are more “significant” than newer coins with a history of active circulation.
“Despite a recent increase, the present value is still at record lows,” the Twitter account UTXO Management explained accompanying a screenshot of the chart.
Strong hands have remained stable since a spike in old hand selling after BTC/USD hit 2017’s all-time highs of $20,000 last year, according to the statistics. Even the recent rally to almost $70,000 failed to appreciably break the pattern, as fresh market participants continue to sell.
Summer buyers are winter sellers
Unchained Capital’s Hodl Waves statistic verifies this: coins acquired between three and six months ago now account for the largest reduction in total supply. This means that sellers bought their Bitcoins between June and September of this year, when the price of Bitcoin fell to $30,000.
As stated by Cointelegraph, significant differences between different kinds of hodlers have long been scrutinized. Even those who bought at $20,000 are double in, as BTC/USD is expected to conclude 2021 roughly $20,000 higher than it was in January.
Meanwhile, senior analyst Dylan LeClair of UTXO Management reported last week that hodlers are increasing to their positions in general this month.