Bitcoin investors are in “HODL” mode despite 500 percent return. Bitcoin investors do not prefer to sell their coins. According to the on-chain data platform Glassnode; The continued growth of Bitcoins held in the last 1 to 6 months shows that investors are standing behind the bull season.
Although a return of nearly 500 percent has been achieved in Bitcoins purchased since October, most of the investors prefer to HODL here, that is, not to sell.
Investments are now long term
According to Glassnode; BTCs purchased between $ 10,800 and $ 58,800 represent 25 percent of the total supply and there is still no reduction in purchases. The on-chain data platform states that the majority of those entering the market during the bull season that started in 2020 and continued into 2021 are on the way to be classified as ‘long-term investors’. That is, Bitcoin investors continue to collect as much BTC as they can.
Increasing transition from stock exchanges to cold wallets
Again, according to Glassnode; There are serious increases in both the number of coins held and the exits from the stock exchanges. This clearly shows that the accumulation is not slowing down. While the platform determined that more and more investors are carrying their coins to their cold wallet, it was informed that more than 3 percent of the BTC supply in circulation in the last 12 months was removed from exchanges and transferred to third party wallets.
However, there are 2 exchanges with a serious positive flow, Gemini and Binance… The following statements were used in the evaluation made by Glassnode regarding this situation:
“The flow of funds to two major exchanges such as Binance and Gemini is increasing. The flow to the Gemini stock exchange is directly proportional to the corporate custody service of this exchange… In other words, the investment made here will turn into a long-term investment after a while. The high level of Bitcoin accumulation signals us that there will be a supply-demand balance that we have never seen in a bull season before.
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. Wikipedia
Ledger start: 3 January 2009 (12 years ago)
Supply limit: ₿21,000,000
Initial release: 0.1.0 / 9 January 2009 (12 years ago)
Symbols: BTC, ฿, ₿
ISO 4217 codes: BTC, XBT