Bitcoin (BTC) investors who bought at the all-time highs of 2017 and above have still not sold, as data suggests.
According to the Hodl Waves metric, coins that last moved in the past six to twelve months now make up the majority of BTC supply.
BTC buyers keep their nerve
Despite strong gains and equally strong corrections in 2021, those who entered the market or added to their positions in or after November 2020 are refusing to sell.
Hodl Waves, which track the age distribution of unspent Transaction Spend (UTXO), show that supply controlled by these six- to twelve-month “Hodlers” has increased – from 8.7% in early June to 21.4% November 17.
At the same time, coins held for several years have declined only slightly, suggesting that modest sales have taken place and that investor determination, with the exception of the six- to twelve-month group, remains steadfast.
The data underscores the theory that few BTC owners intend to sell at current prices, even if they hit all-time highs.
As Cointelegraph reported, however, the distribution of coins by long-term owners – a classic feature of bull market peaks – has now begun. The last time this was also in November last year.
Bull market “still has a way to go”
Meanwhile, more numbers tracking “older” BTC also suggest that Bitcoin’s oldest hands will continue to be stuck.
Related: Bitcoin Bargain: Third Largest Whale Address Adds 207 BTC to $ 62,000
As on-chain analyst William Clemente noted this week, dormant current – Bitcoin’s market cap divided by annualized dormant time – remains low near the all-time highs of BTC / USD.
A high level of calm, Clemente explained, indicates that older coins are being issued.
“If the quiescent current is so low right now, older coins will remain relatively dormant,” he added in Twitter comments on Wednesday.
“This bitcoin bull market still has a way to go according to the metric.”