Bitcoin Holders Lock In: Less Than 23% of BTC Moved in Six Months

Fresh data from Bitcoin Magazine Pro’s HODL Waves chart reveals that long-term holders are keeping an iron grip on their coins.

Fewer than 23% of all Bitcoin in circulation has changed addresses in the past six months – a sign of tightening supply that has historically preceded major price moves.

The HODL Waves metric segments Bitcoin by the time since each coin last moved. At present, the vast majority of BTC is sitting dormant, with a substantial portion held for over a year and a growing share untouched for multiple years. This lack of movement suggests holders are resisting the urge to sell, even as prices remain near historic highs.

Supply squeezes in the Bitcoin market often emerge when a large proportion of coins are held tightly, leaving fewer available for trading on exchanges. In previous cycles – such as late 2020 and early 2021 – similar conditions coincided with rapid upward price acceleration as new demand met thin supply.

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What’s driving the current standoff? Analysts point to a mix of macroeconomic uncertainty, optimism around institutional adoption, and a deepening belief among holders that Bitcoin’s long-term trajectory outweighs short-term volatility. With the next halving already factored into many traders’ plans, the immobility of such a large share of supply could amplify future price reactions.

While short-term traders may still dictate daily moves, the data shows that the real power in Bitcoin’s market lies with those who rarely – if ever – sell. If new demand rises sharply, these “HODLers” could find themselves sitting on assets in a fast-climbing market, further reinforcing their decision to hold.