Bitcoin Hodlers on the Rise: Data Reveals Growing Hesitancy to Part with Digital Gold
Emerging trends show Bitcoin holders are retaining assets, with exchange holdings declining and untouched supplies peaking.
Thu, 21 Sep 2023, 03:45 am UTC
Emerging data reveals that individuals holding Bitcoin (BTC) are increasingly hesitant to part with their digital gold, as shown by the decrease in exchange holdings and the rising percentage of untouched Bitcoin supply.
A recent chart from Glassnode, detailing Bitcoin supply activity, pinpoints a noteworthy trend: Bitcoins that have remained stagnant in a wallet - untouched for one, three, or five years - peaked in number since July 2023.
This observation aligns with the analytical data from CoinMarketCap. Their analysis demonstrates that a staggering 69% of wallet addresses, amounting to roughly 36.8 million, have chosen to retain their Bitcoin for over a year.
Furthermore, data from CryptoQuant indicates a similar trend. Bitcoin outflows from exchange platforms have seen a downward trend since July 2021. A mere 2 million BTC now remains on these platforms.
Delving deeper, the CoinGlass tracker for Bitcoin on exchanges provides a breakdown of the Bitcoins held by leading centralized trading platforms. Binance, a top trading platform, holds 543,281 BTC. However, in the recent month, there's been a notable dip in their Bitcoin holdings, with a deduction of 21,645 BTC.
Coinbase Pro follows closely, boasting a BTC balance of 435,530. In the past month, the platform witnessed a withdrawal of 3,612 BTC. Contrary to these outflows, OKX, another key exchange, saw a surge in Bitcoin deposits. Over the past 30 days, the platform's Bitcoin inflow amounted to 4,630 BTC.
There's palpable excitement in the air as market experts speculate on Bitcoin's trajectory, especially in light of the upcoming mining reward halving expected in 2024.
While many are keenly watching these holding patterns, others are eyeing the technological and economic impacts, especially the effects of the 2024 mining reward halving.
The growing reluctance to sell or move Bitcoin underscores the faith many have in the cryptocurrency's long-term potential. As Bitcoin matures and as the halving event inches closer, these holding patterns may further solidify, offering valuable insights into the evolving landscape of cryptocurrency investment and its future direction.
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