Data shows that the new bitcoin bull market hodlers refuse to sell for $40,000

Bitcoin (Bitcoin) Investors continue to hold BTC at a price of $40,000, even if they bought it at a lower price in early 2021.

In the latest issue of the newsletter, Chain last weekOn June 14, on-chain monitoring resource Glassnode revealed that buyers in the first few months of this year’s bull market refused to cash out.

“Very young” supply drops

Bitcoin’s trading volume has been low in recent weeks because the price trend is still fluctuating between $30,000 and $41,000.

Seen these few days Moderate fluctuation Return, but for most currency holders, under the current circumstances, there are few opportunities for huge profits.

Glassnode shows that by looking at the so-called HODL wave, An indicator that shows the proportion of the last move of the Bitcoin supply.These are based on Bitcoin Upper limit achieved, A measure of market value, which takes into account the last transaction price of each coin.

The HODL wave confirmed that, due in part to low volatility, the supply of Bitcoin is aging, and few investors are selling.

“Due to the recent low on-chain transaction volume, we have not only seen a decline in the number of very young tokens (<1 month old), but we have also seen an increase in the share of tokens from 3 months to 12 months old," The researcher explained.

“These are the same HODLed tokens accumulated during the bull market from 2020 to January 2021.”

Bitcoin HODL wave annotated chart. Source: Glassnode

Therefore, even if a large portion of the coins are now profitable, even if they are not twice the purchase price, they are still dormant.

“Some LTH (long-term holders) have and will profit from their tokens,” Glassnode admitted.

“The common denominator in all Bitcoin cycles is that LTH spends most of its tokens on the power of a bull market rally, and slows down its callback spending as belief returns.”

The “little guy” makes a comeback

Long-term or short-term investors with smaller overall holdings are increasing.

As Glassnode pointed out later this week, wallets with less than 1 BTC continue to account for an increasing proportion of the overall Bitcoin supply.

related: Fidelity executives said that as the crypto market withdrew from “extreme fear”, Bitcoin prices bottomed out

“The reaction of the’little guy’ to the evolution of Bitcoin as an asset can be seen in the distribution of supply,” the company Post On Twitter on Wednesday.

Although institutions and even countries now adopt Bitcoin include When it comes to expanding influence, in most headlines, it is individual small-scale investors who have entered the market significantly this year.

Bitcoin entity with less than 1 Bitcoin chart.Source: Glassnode/Twitter