Bitcoin HODlers of 21 Months Sets a new Record!

If you recently purchased Bitcoin or currently own some, how long would you be willing to HODL it before selling it? The history of Bitcoin has demonstrated that holding onto one’s Bitcoins for an extended period of time guarantees some amount of success.

The quantity of bitcoins that have been lost or HODLed over the course of the last 21 months is presently estimated to be 7.45 million Bitcoin by the analytics firm Glassnode.

This indicates that approximately 38 percent of Bitcoin’s current circulating quantity has been sitting in people’s wallets for close to two years. The said metric was presented by crypto analytic firm glassnode.

Unfortuitously, anyone who acquired Bitcoin 21 months ago would only be in profit by a small margin, given how much it has fluctuated in price since then.

This is due to the fact that Bitcoin traded in the area of $17,000 twenty-one months ago, in comparison to its current price of $19,726 as of press time. On the other hand, these HODLers have made a significant contribution to Bitcoin’s present position.

Given the state of the market now, the 7.45 billion is approximately worth $230 billion. As a result, the price of Bitcoin has a firm support level of approximately $12 000, presuming that the same hodlers will not sell if the market as a whole does.

Those who purchased security relatively close to its present price are likely planning to keep it in their possession for an extended period of time, according to one interpretation of the HODL duration.

 

Having a comprehension of the HODL mentality

When we consider that Bitcoin’s current price is 70.8% lower than its all-time high (ATH), buyers have an incentive to HODL in the hope of making future profits.

The fact that 38% of the HODLed BTC has not been moved further emphasizes this opinion given that the price is currently very near to its highest point in the last 21 months.

Bitcoin has, on multiple occasions in the past, reassessed and then surpassed its prior highs. The same can be anticipated during the subsequent significant bull run.

As a consequence of this, numerous traders are choosing to HODL after making a purchase, particularly as the discount widens.

The realized HODL ratio for Bitcoin (RHODL) is another piece of evidence confirming that many traders favor holding onto the king coin at its current price range.

The ratio analyzes the supply wave bands for Bitcoin over a period of one week and one year. If this figure is high, then the majority of the supply is controlled by new HODLers. A low ratio, on the other hand, is evidence that more experienced HODLers control the majority of the supply.

The ratio of users who hold Bitcoin rather than sell it is currently at its lowest point in the past two years. Therefore, long-term HODLers own the majority of Bitcoin’s supply, which is a positive indicator of the cryptocurrency’s macro outlook.

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