Nervous newcomers sell and long-term BTC hodlers show strong hands
Despite the short-term bitcoin trading spike in January, wallets that have been inactive for at least three years make up the largest segment among BTC holders.
Long-term bitcoin hodlers are not selling despite all-time highs in 2021. Nervous newbies, on the other hand, are cashing out profits.
According to Unchained Capital’s „Hodlwaves“ chart, which visually illustrates the time when BTC wallets were last Bitcoin Revolution active on the chain, there was a surge in long- and short-term activity in 2021.
Hodlwaves: Unchained Capital
The chart shows that the number of coins that have moved in the last 30 to 90 days is at its highest level since 2018. These addresses account for more than 15 percent and are currently the largest segment among BTC wallets.
Bitcoin wallets that have been inactive for between three and five years currently represent the second largest segment, accounting for 13.5 per cent of all addresses. The number of these wallets has steadily increased in 2021. It is speculated that the data includes many BTC holders who bought during 2017 and held throughout the bear market.
The proportion of wallets that have been inactive for five to ten years has shrunk over the past year
On the other hand, the number of addresses that have been inactive for at least a decade has increased from about 1.7 per cent two years ago to 10.7 per cent today.
On 11 March, Rafael Schultze-Kraft, the CTO and co-founder of on-chain crypto analytics firm Glassnode, uploaded data showing that the number of wallets that have been inactive for the past three or more years has steadily increased since the end of December.
- 1+ year hodlers: selling
- 2+ year hodlers: selling
- 3+ year hodlers aka „been in a bull market before and know how this works“: stacking sats#Bitcoin
Chart: https://t.co/7VRnyrWbaD pic.twitter.com/MsnZptKxGF
– Rafael Schultze-Kraft (@n3ocortex) March 10, 2021
However, the data shows that the percentage of bitcoin wallets that have been inactive for at least 12 months has fallen to 55 percent from a record high of nearly 65 percent in January. Almost half of bitcoin wallets have been active in the past year.