Author: Swbastian SinclairI, Blockworks Translation: Shanooba, LianGuai
According to multiple on-chain metrics of the world’s largest digital assets, despite recent market volatility, long-term holders still seem to firmly control their investments.
Notably, LookIntoBitcoin data shows that the wave of HODL (measuring the amount of Bitcoin held for at least one year) reached a peak of 69.2% on July 7th and has remained at a high of 68.6%.
Despite Bitcoin (BTC) plummeting 10% within two hours on August 17th, long-term holders have basically not liquidated or transferred their assets.
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On Tuesday, US bond yields fell sharply, and Grayscale achieved a small victory in its struggle with the SEC’s review of its flagship trust fund’s application to convert to a spot Bitcoin ETF. Bitcoin rose 6.2% to $28,160, the largest single-day increase in five years. Half a month.
Yield App CEO Tim Frost told Blockworks: “If Grayscale’s application to convert its Bitcoin trust fund into an ETF is indeed approved in the future, we can expect BTC to rise significantly from here.” Exchange data shows that the asset has since fallen by 1.8% and is currently trading at around $27,250.
In a recent research report, Bitfinex Alpha wrote that new data shows that 40% of the total Bitcoin supply has remained stable for over three years.
The change in market dynamics indicates a resilient and optimistic underlying sentiment among long-term holders, who seem unaffected by recent market turbulence and reversals. The on-chain metric Coin Days Destroyed (CDD), which measures long-term token activity levels, has dropped to its lowest point since March 6th, based on a 30-day average. According to this indicator, lower CDD is usually associated with reduced market selling pressure.
“It is evident that long-term Bitcoin holders have been accumulating a large amount of Bitcoin,” wrote Bitfinex. “This behavior implies a broader sense of optimism and potential resilience in the face of market volatility.”
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