Fun

HODL Fever: Bitcoin Holders Refuse To Sell As Data Shows Record BTC Stash

News Feed - 2024-10-21 10:10:17

Este artículo también está disponible en español.


Several investing strategies have emerged as Bitcoin and crypto continue to grow in value and expand their use cases. For many, the investing thesis focuses on Bitcoin and Ethereum, two of the biggest cryptos by market cap. Others value finding the next ‘meme coin’ ready for a bull run. But perhaps their most enduring strategy is to buy and hold, or ‘HODL.’ Related Reading Ethereum Holders On The Rise: Accumulation Addresses Double Since January 2024—Report 16 hours ago


The investing thesis is straightforward—just buy and hold Bitcoin and wait for the crypto to appreciate. According to Glassnode, an on-chain analytics firm, Bitcoin has more holders than ever. The firm adds that Bitcoin’s illiquid supply has gradually increased in recent months, suggesting that more users are holding BTC than selling or trading it in the market. BTC market cap currently at $1.35 trillion. Chart: TradingView.com Metrics Suggest An Increasing Number Of BTC Holders


Market data and holding signals suggest a growing number of investors, suggesting a bullish sentiment on the cryptocurrency. According to Crypto Banter, BTC’s stored supply has gradually increased over the past months. The website adds that this trend gives a ‘HODLING vibes,’ suggesting that a market rally is on the horizon. Stored supply increasing for months = mega HODLing vibes pic.twitter.com/0Bl4WtP3Hy


— Crypto Banter (@crypto_banter) October 21, 2024


Glassnode data agrees, suggesting an increasing trend for stored supply and a declining trend for active supply. The firm’s stored supply metrics include long-term holder supply, BTC HODLed or missing coins, and the coin’s illiquid supply. On the other hand, exchange balances and short-term coin supply are considered active supply metrics.


Exchanges Report Declining Reserves


There has been a gradual but steady reduction in Bitcoin’s supply, confirming many analytics firms’ thesis. The decrease in highly liquid and liquid BTC supply started in 2024. According to Glassnode, the number of Bitcoin or lost BTCs has dipped compared to data at the start of the year.



CryptoQuant adds that centralized exchange BTC reserves are falling. At 2.64 million BTC, exchanges keep the coin around its all-time low, after a November 2023 decline. Exchange reserves typically indicate selling pressure, lowering prices. According to CryptoQuant and Glassnode, investors now prefer to buy and hold rather than trade. Related Reading XRP Could Skyrocket Over 4,000%, Analyst Forecasts Price Hitting $27 19 hours ago Institutional Investors Helping Prop Up Bitcoin


Financial institutions and other big-time investors are growingly interested in the rising number of holders. A September River Financial research indicates that BTC use increased by 30% in one year and a stunning 587% since 2020. Based on the same analysis, institutional investors currently own about 8% of all Bitcoin available.


Many investors now see Bitcoin as a better hedge against inflation and a way to diversify assets. River Financial adds that US companies now boast over 49% in BTC holdings, valued at $19.7 billion. The increasing demand for ETFs also drives Bitcoin’s growing popularity. The current cumulative value of BTC assets stands at $66.11 billion.


Featured image from Milk Road, chart from TradingView

News Feed

XRP Price Set To Resume Upside: Is Momentum Building?
Este artículo también está disponible en español. XRP price is holding gains above the $0.5450 zone. The price seems to be eyeing more gains above the $0.5550 and $0.5650
Report Attributes Large Share of Global Crypto Crime to Russia, Moscow City
Report Attributes Large Share of Global Crypto Crime to Russia, Moscow City The growing popularity of cryptocurrencies has placed Russia among the leaders in adoption. But while it
XRP Must Close Above These Price Levels To Invalidate Bearish Forecast – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin.com Wallet Adds DApp Gateway WalletConnect
Bitcoin.com Wallet Adds DApp Gateway WalletConnect TheBitcoin.comTeam is excited to announce support for Ethereum-basedDAppsin theBitcoin.comWallet via WalletConnect. Earn interest
Bitcoin Dominance Sinks to Lowest Level in 3 Years as Ethereum, Numerous Competitors Gain on BTC
Bitcoin Dominance Sinks to Lowest Level in 3 Years as Ethereum, Numerous Competitors Gain on BTC Bitcoin dominance has dropped to the lowest level in just over three and a half yea
British Fintech Revolut Granted Crypto License in Cyprus
British Fintech Revolut Granted Crypto License in Cyprus U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers o
Bitcoin Mining Company Cleanspark to Kick-Start 20 MW Immersion Cooling Initiative
Bitcoin Mining Company Cleanspark to Kick-Start 20 MW Immersion Cooling Initiative Cleanspark, a sustainability-focused bitcoin mining company, has announced it will kick-start a 2
IMF Helping Philippines Become Important Crypto Market
IMF Helping Philippines Become Important Crypto Market The International Monetary Fund (IMF) is providing the Philippines with technical assistance regarding crypto assets. The I
Indian Regulator SEBI Wants Mutual Funds to Stay Away From Crypto Investments Until Legislation Is Finalized
Indian Regulator SEBI Wants Mutual Funds to Stay Away From Crypto Investments Until Legislation Is Finalized The Securities and Exchange Board of India (SEBI) has reportedly asked
Holding Bitcoin now profitable 99.92% of all days
Arijit Sarkar12 hours agoHolding Bitcoin now profitable 99.92% of all daysBitcoin purchased between March 9–13 and March 25–29 is currently at a loss, representing 0.16%, or just six days in the last 3,732 tradable d
Bitcoin hashrate drawdown reaches December 2022 levels
Vince Quill2 hours agoBitcoin hashrate drawdown reaches December 2022 levelsThis metric can be used to spot relative bottom points in the market price of Bitcoin and signal potential accumulation opportunities.1664 Total
Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday
Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday Meme coins were higher on Tuesday, as the global cryptocurrency marketplace rebounded from recent declines in price