Most of the buyers of Bitcoin in the early phases of this bull run are holding onto it strongly even though the cryptocurrency has started its surge towards the top yet again. Although the short-term trading in the market has increased over time, the traders refuse to let go, according to reports from Glassnode.
The analytics provider on-chain put up its Realized Cap HODL Waves which displayed the number of coins that ended up being realized in the last half a year- that has also doubled from around 40% to 80% in 2020. This indicates the amount that has not been touched despite the increasing purchase of BTC.
HODL Waves Have Represented Some Unusual Activity in Bitcoin
HODL Waves have usually been used to estimate the period of time it took for Bitcoin to move on-chain- whereas the realized price of the same is brought forth from the price at which the coins were previously moved.
With this, the colored bands that are displayed keep increasing as more and more coins end up getting mature or move into other age bands. The data posits that a large amount of Bitcoin that was purchased at the end of 2020 has not yet been traded- with the charts showing the coins maturing constantly from the last quarter of the previous year.
With the data that came up on the on-chain report on the 3rd of May, the analyst reported that these were accumulated pretty early in the bull market- which has, since then, remained docile.
The charts have also displayed that the Bitcoin share has continuously plummeted since the middle of 2020- with a decrease from around 55% to 10% now. This implies that most of the investors of long-term have been utilizing the all-time highs of BTC and enhancing their profits from multi-year positions.
