Data shows the Bitcoin supply has now reached all-time high HODLing levels, a sign that could be bullish for the price of the crypto.
As per the latest weekly report from Glassnode, investors have been showing some aggressive accumulation behavior recently.
There are a couple of relevant indicators here. The first is the “HODLed or Lost Coins,” which measures the total number of coins that have been sitting dormant on the blockchain. Such coins either belong to the HODLers, or are simply inside wallets that have been lost (hence the name of the metric).
The other indicator is the “HODLer Net Position Change,” which tells us the amount of Bitcoin that is entering or exiting this dormant supply right now.
When the HODLer supply goes up, it means investors have been accumulating more and holding strong onto their coins recently.
Now, here is a chart that shows the trend in both these Bitcoin indicators over the last couple of years:
The value of the two metrics seems to have been high in recent weeks Source: Glassnode’s The Week Onchain – Week 45, 2022
As you can see in the chart, the percentage of the Bitcoin supply last active within the past six months is currently at historical lows.
This means that a huge chunk of the supply has been dormant in recent times, further proving the extreme HODLing that is taking place right now.
Related Reading: Bitcoin Dips Below $21k As Long-Term Holders Harvest Profits
Naturally, this kind of investor mentality can be bullish for the price of the crypto in the long term.
At the time of writing, Bitcoin’s price floats around $19.6k, down 4% in the last week.
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