The post Bitcoin: Here’s what HODLing on means for BTC appeared on BitcoinEthereumNews.com.

Journalist Posted: December 13, 2023 The Bitcoin Supply Last Active metric noted an interesting development over the past few weeks. This was a positive for long-term holders for the coming months. The crypto market has trended higher since mid-October. This was evidenced by the steady increase in the market cap of Bitcoin [BTC], as well as the altcoin market capitalization. However, the growth was not isolated to BTC or Ethereum [ETH]. The breach of the round number resistance at $30k in October was crucial, and another important psychological number was near BTC’s current prices. Despite the rally past $44k, the inability of the bulls in the past few days to retain control of the $42k support raised concerns that Bitcoin has registered a local top. In that scenario, prices would be set to trend lower in the next month or two as the market recovers after the strong rally. HODLers exhibit diamond hand tendencies Yet, despite these concerns, the long-term BTC holders showed no desire to sell their holdings. Crypto analyst Will Clemente noted that over 70% of Bitcoin’s circulating supply hasn’t moved in over a year. The fact that over 70% of Bitcoin’s supply hasn’t moved in at least a year is wild as a standalone stat. It’s even more wild when considering the context that a year ago was right after FTX went down and BTC has gone up nearly 3x since. pic.twitter.com/0wWpVWzFFT — Will (@WClementeIII) December 12, 2023 AMBCrypto dived further into this observation to unearth what the implications could be for Bitcoin investors. The metric in question was from the Percent of Supply Last Active 1+ Years Ago from Glassnode. A closer analysis showed that the metric trends higher during the accumulation phase of the cycle. It begins to decline a few months before Bitcoin reaches…

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Filed under: News - @ December 13, 2023 7:18 pm