59% of Bitcoin’s circulating supply still hasn’t moved in at least a year
More than half of Bitcoin’s circulating supply has been in a state of silence for over a year. This means that investors are still enthusiastic about hodl Bitcoin. At the same time, short-term speculators may not be the dominant force in the Bitcoin market.
Nearly 60% of Bitcoin’s circulating supply hasn’t moved in a year
According to Delphi Digital’s research, 59% of Bitcoin’s circulating supply hasn’t moved in at least a year. This figure is also correlated with Bitcoin’s reduced trading volume. Although the transaction volume has increased sharply at the end of October 2019. However, this figure reached its lowest level in the past six months at the end of November 2019.
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Moreover, about $ 1.6 billion of Bitcoin purchased at this time two years ago has not been moved. At the same time, Bitcoin hodlers dominate, with fewer units sold even this year. It seems that the trend of accumulating Bitcoin for the future is still more prevalent for the cryptocurrency market.
The green line represents Bitcoin that hasn’t moved in at least one year – Source: Delphi Digital
Strong hodl sentiment has helped investors overcome bear market
“Oftentimes, it seems as if capital is just being reshuffled among existing players who can ignite violent market moves given the minuscule size of this market, so a renewed enthusiasm among Investors is going to be required for Bitcoin (and crypto at large) to reverse its downward trend,” read the report.
Hodl sentiment in the market was powerful. And those who survived the market last year do not seem disturbed by the current situation because the price of Bitcoin is still twice higher than last year’s bottom.
As for the next short-term moves involved, analysts generally agree that there will be more pain than before any benefit and that the $ 6.000 dip in the area seems inevitable now. As before, it is likely to serve as another accumulation area to lead to another operation by 2020.
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