Bitcoin investors who hold coins for a long time became less prone to emotional outbursts and do not sell coins during a downturn, but, on the contrary, increase their investments, statistics show.
According to the statistics of Glassnode, the majority of bitcoin investors remained indifferent to the volatility of bitcoin, despite a significant drop in its rate in May. According to the Glassnode report, during the May correction, when bitcoin collapsed by almost 50%, long-term investors, or hodlers, who kept their coins motionless for at least five months, were not intimidated by the volatility of the cryptocurrency and did not sell assets, or if they decided for sale, then the coins went to the same long-term investors.
Long-term holders now own 79.5% of the BTC issue, which is equivalent to October 2020.
“This suggests that many coins changed hands during the recent consolidation in $29k to $40k range. It also indicates BTC purchased in Q1 to Q2 2021 remain tightly held, with investors unshaken by a 50%+ drawdown.”
Glassnode also mentions the bitcoin price drop on September 7 and notes that investors who bought coins at $45,800-$52,600 continue to hodl their coins despite the fact that they are currently at a loss.
Popular crypto analyst Will Clemente also monitors BTC movements on the blockchain. According to Clemente, more than 90% of the issued bitcoins remained motionless in August, despite the sharp fluctuations in cryptocurrency prices.
“93% of Bitcoin’s supply hasn’t moved in at least a month. This is an all-time high. Just another metric showing how bullish supply dynamics are.”