Recent on-chain data reveals that about 75% of all Bitcoin in circulation has stayed untouched for over six months.
Glassnode’s hodl wave chart, which analyzes blockchain activity, indicates that nearly three-quarters of Bitcoin has remained in wallets throughout 2024, even though the cryptocurrency’s value has dropped by 21% from its highest point.
This trend suggests that many long-term investors are holding onto their Bitcoin, likely expecting future price increases.
Such behavior reduces the amount of Bitcoin available for trading, potentially driving prices up as demand grows and supply diminishes.
In a recent analysis, James Check noted that over 80% of short-term Bitcoin holders are experiencing losses, having bought their Bitcoin at higher prices. This situation could lead to further selling if these investors decide to cut their losses, mirroring patterns seen in previous years.
Right now, over 80% of #Bitcoin Short-Term Holders are underwater, meaning their coin was acquired at a price above the current spot price.
This is similar to 2018, 2019, and mid-2021 which signalled many investors were at risk of panicking, and precipitating a bearish trend. pic.twitter.com/8jM7PBqh5z
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) August 19, 2024
Market sentiment continues to be pessimistic, with the Crypto Fear & Greed Index showing a score of 28, indicating significant fear, levels not seen since December 2022.
Swan, a Bitcoin-focused financial firm, has issued a striking market update suggesting that the current BTC cycle isn’t just another repeat of the past—it might be the last of its kind.
Ross Ulbricht, founder of the infamous Silk Road marketplace, is back in the headlines after receiving a mysterious transfer of 300 BTC—valued at roughly $31 million.
Bitcoin could be heading for a notable dip if it fails to stay above a key price zone, according to market watcher DonAlt.
A new report from Cane Island reveals a startling truth about Bitcoin’s supply: by late 2025, over 7 million BTC could be permanently lost—more than one-third of all coins ever mined.