The data show that Bitcoin (BTC) investors who bought record highs in 2017 and above have not sold yet.
According to the Hodl Waves scale, coins that were last moved in the last six to twelve months now make up the bulk of the BTC supply.
Bitcoin buyers are on the nerves
Despite significant gains and strong corrections in 2021, those who entered the market or increased their positions in or after November 2020 refuse to sell.
Hodl Waves, which tracks the age distribution of unused transaction volume (UTXO), shows that the offer monitored by these “traders” for 6-12 months increased from 8.7% in early June to 21.4% on 17 November.
At the same time, the number of coins held over several years has only fallen slightly, which indicates a moderate sale, and that investors’ determination remains unchanged, with the exception of the interval of six to 12 months.
Bitcoin Hodl Waves Chart. Source: Unchained Capital
The data supports the theory that few bitcoin holders intend to sell at current prices, even at such high levels in general.
As Cointelegraph reports, the distribution of coins to long-term owners has now begun – a classic characteristic of the top phases of a beef market. The last time this happened was in November last year.
The beef market «still appears»
Meanwhile, several figures tracing “old” bitcoins also suggest that the hands of the oldest bitcoin will continue to hold out.
About the topic: Bitcoin deal: the third largest whale address adds 207 BTC to $ 62k
As chain analyst William Clemente pointed out this week, the inactive flow – the market value of bitcoin divided by a year of inactivity – remains low almost all the time in BTC / USD.
Clemente explained that a high level of dormancy indicates waste of old coins.
“Seeing that the downtime current is so low at the moment means that old coins remain relatively dormant,” he added in a comment on Twitter on Wednesday.
“This bitcoin beef market has not yet evolved to scale.”