Bitcoin price bottom takes shape as 'old coins' hit record 78% supply

Bitcoin's long-term holder NUPL metric has fallen to levels that have coincided with market lows three times since November 2011.< /p> Market analysis

Bitcoin (BTC) and the rest of the crypto market have been in a bear market for almost a year. The leading cryptocurrency saw its market valuation plummet by more than $900 billion during the said period, with macro fundamentals pointing to further headwinds.

Another bearish cycle produces more BTC hodlers

But the duration of Bitcoin's bear market has coincided with a substantial increase in the percentage of total BTC supply held by investors for at least six months to a year.

Notably, the percentage of coins held for at least a year jumped from nearly 54% on October 28, 2021 to an all-time high of 66% on October 28, 2022, according to the data.

Bitcoins Hodl waves. Source: Glassnode

This evidence suggests that long-term investors increasingly view Bitcoin as a store of value, says Charles Edwards, founder of digital asset fund Capriole Investments.

“Despite the worst year in stocks and bonds in ages, Bitcoiners have never held more Bitcoin,” the analyst noted while highlighting how the floor and ceiling of Bitcoin held over the long term have increased after each cycle.< /p>

Bitcoins hodl waves with long-term BTC holding highs and lows. Source: Glassnode/Capriole Investments

Hodler data shows Bitcoin price at all-time low

Furthermore, Glassnode research shows that Bitcoin tokens help...