Bitcoin hodling activity looks like previous market lows: Glassnode

Bitcoin's price had just passed $21,000 at the time of writing, which means that around 45% of BTC holders have a "loss on paper", according to Glassnode.

The majority of Bitcoins have been "hosted" for at least three months in behavior that bears a striking resemblance to previous lows in the Bitcoin market, according to blockchain analytics firm Glassnode.

In a July 16 tweet, Glassnode noted that over 80% of total US dollar (USD) denominated wealth invested in Bitcoin had not been touched for at least three months.

This means that "the majority of the BTC coin supply is idle" and that hodlers are "increasingly reluctant to spend at lower prices," the firm said.

Over 80% of total USD-denominated wealth invested in #Bitcoin has been HODLed for at least 3 months.

This means that the majority of the $BTC coin supply is idle and HODLers are increasingly unwilling to spend at lower prices.

Live Graphic: https://t.co/lRtBe69Phz pic.twitter.com/NIQzwkXQDv

Bitcoin's price is $21,013 at the time of writing, down nearly 70% from its all-time high of $69,044 in November 2021. The current price puts around 45% of Bitcoin holders with a loss on paper, according to crypto intelligence firm IntoTheBlock.

According to the Glassnode chart, other times when similar levels of Bitcoin hodling were seen were at the end of the bear markets of 2012, 2015, and 2018.

Last week, Coinbase Head of Institutional Research David Duong wrote in a July 12 report titled “The Elusive Bottom” that on-chain data suggests that recent BTC sales have been made “almost exclusively" by short-term speculators. . Long-term BTC holders...