While the price of BTC is still suffering from the negative macroeconomic scenario and recent misfortunes in the cryptocurrency industry, one particular indicator has hit record highs.
The latest glassnode review revealed that “tendency to HODLing staying [con bitcoin] and continues to increase.” For those less familiar with the memetic term, “HODL” is the result of an intentional typo, but it comes from the English word “hold”, the Spanish “mantenir” or “guardar”.
In other words, what recent data from on-chain analytics firm Glassnode has shown is that the continued bearish BTC trading and the overwhelming fear or dread have stopped most bitcoins in the hands of long-term holders.
In fact, the amount of BTC in wallets that hold the coin for a long time hit a new all-time high of 13.908 million. BTC (72.3% of circulating supply).
“The nearly linear growth trend of this metric reflects the large coin accumulation that occurred in 2022. in June and July, which triggered a 3AC-inspired deleveraging event and creditor meltdown in the space,” Glassnode explained.
Also note how there is some inverse correlation between the amount of bitcoins in wallets “detainers” in the long run and BTC price. Despite the possibility of a spurious correlation and the fact that past results are no guarantee of future results, this is interesting data to consider.
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