Bitcoin (BTC) Investors who bought at all-time highs of 2017 and more still haven't sold, the data suggests.
According to the HODL waves metric, coins that were last moved in the last six to twelve months now make up the majority of the BTC supply.
BTC buyers keep their nerves
Despite strong earnings and equally strong corrections in 2021, those who entered the market or added to their positions on or after November 2020 are refusing to sell.
HODL Waves, which tracks the age distribution of unspent transaction outputs (UTXO), shows that the supply controlled by those six to twelve month hodlers has increased, from 8.7% in early June to 21, 4% as of November 17. .
At the same time, coins held for several years have declined only slightly, highlighting that modest sales have been made and that, with the exception of the six to twelve month group, investor resolve remains strong.
The data underscores the theory that few BTC owners intend to sell at current prices, even as these surround all-time highs.
As Cointelegraph reportedHowever, the distribution of coins by long-term holders has now begun, a classic feature of the peak phases of the bull market. The last time this happened was also in November of last year.
The bull market "still has a long way to go"
Meanwhile, more numbers tracking "older" BTCs also hint that Bitcoin's older hands will remain quiet.
Related: Bitcoin trading: 3rd largest whale address adds 207 BTC to $ 62K
As on-chain analyst William Clemente noted this week, idle flow (Bitcoin's market capitalization divided by annualized dormancy) remains low near the all-time highs for BTC / USD.
The high latency, Clemente explained, indicates that older coins are being spent.
"Seeing the latency flow currently so low means that older coins remain relatively inactive," he said. additional on Twitter comments on Wednesday.
"This Bitcoin bull market still has a long way to go according to the metric."
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