Data show that even though the price of bitcoin hit an all-time high of $69,000 this year, experienced bitcoin holders have hardly sold any bitcoin.
According to on-chain analytics firm Glassnode’s Coin Days Destroyed (CDD) metric, the percentage of bitcoin spent by experienced bitcoin holders remains near all-time lows.
In the latest sign of confidence among those who have invested and held Bitcoin over the years, CDD remains remarkably quiet.
This metric refers to the amount of time each BTC is dormant before each move. This provides an alternative to simple volume measurements for determining market trends. Therefore, older bitcoins are more "important" than younger bitcoins with a history of active circulation.
“Despite the rise over the past few months, current values are still around historical lows,” Twitter account UTXO Management concluded via a chart.
Coin Days Destroyed (CDD) Annotated Chart Source: UTXO Management/Twitter
The data underscores that long-term holders have held firm since selling by veteran holders surged last year after BTC/USD breached its 2017 all-time high of $20,000.
Even a rally of nearly $70,000 failed to significantly break the trend, and sales still appear to be coming from newer market entrants.
Unchained Capital’s HODL Waves indicator bears this out — the amount of Bitcoin purchased 3 to 6 months ago is now the most reduced total supply.
This means that sellers bought their BTC between June and September of this year, during which time BTC/USD fell to lows of $30,000.
Bitcoin HODL Waves Chart Source: Unchained Capital
As Cointelegraph reported, the apparent distinction between different groups of holders has long been scrutinized.
Even those who entered the market when Bitcoin was at $20,000 are doubling down, as BTC/USD looks set to end 2021 about $20,000 higher than it did in early January.
Bitcoin is once again in accumulation mode.
— Dylan LeClair (@DylanLeClair_) December 23, 2021
Meanwhile, UTXO Management senior analyst Dylan LeClair noted last week that overall, holders are adding to their positions this month.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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