Bitcoin HODL Waves: 2020 bull market buyers now control 16% of supply

Bitcoin investors refuse to sell as they become long-term holders

Despite the recent bull run in 2023, Bitcoin investors who bought in late 2020 are holding onto their coins, according to data from the HODL Waves metric. This shows a growing group of long-term holders who are not decreasing their exposure to Bitcoin. The group of coins unmoved in two to three years has significantly increased their presence within the overall supply, now accounting for over 15% of the supply. This means that those who bought BTC between December 2020 and December 2021 have resisted the urge to sell for profit.

Speculators take profits while long-term holders stand firm

While long-term holders continue to hold onto their Bitcoin, short-term holders or speculators have been taking profits. When Bitcoin passed $40,000, these speculators sold off $4.5 billion worth of BTC in just a few days. However, this had little impact on the spot markets as long-term holders already control a majority of the supply. According to data from Glassnode, long-term holders currently hold 14.92 million BTC, slightly below the all-time high of 14.95 million BTC seen on November 28.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.