Long-term Bitcoin buyers do not appear to be selling, despite 2021 historical records, while nervous newbies are making profits along the way.
According to Unchained Capital’s “Hodlwaves” chart – which visually illustrates the time since the BTC portfolios were last active in the chain, 2021 saw an increase in long- and short-term activity.
The graph shows that the number of currencies that have moved in the last 30 to 90 days is at its highest level since 2018. These addresses represent more than 15% and are currently the largest segment of BTC portfolios.
Bitcoin wallets that have remained inactive for three to five years are currently the second largest segment, representing 13.5% of all addresses. These portfolios also increased steadily in number during 2021, with curious speculating the data may reflect a large number of BTC exchange holders who bought during the 2017 season and maintained throughout the downtrend.
Although the share of portfolios that have not been active for five to 10 years appears to have decreased in the past year, the number of addresses that have been inactive for at least a decade has increased from about 1.7% two years ago to 10.7% today .
On March 11, CTO and co-founder of on-chain cryptography analyst firm Glassnode, Rafael Schultze-Kraft shared data revealing that the number of portfolios that have not been active in the past three or more years has steadily increased since the end of December .
Over 1 year hodlers: selling
Hodlers over 2 years old: selling
Hodlers over 3 years old, also known as “been in a bull market before and know how it works”: stacking sats#BitcoinGraphic: https://t.co/7VRnyrWbaD pic.twitter.com/MsnZptKxGF
– Rafael Schultze-Kraft (@ n3ocortex) March 10, 2021
However, data shows that the share of Bitcoin wallets inactive for at least 12 months has dropped from a record high of almost 65% in January to 55% today, with almost half of Bitcoin wallets active last year.