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A whopping 75% of all Bitcoin has remained stationary for six months, fueling speculation that hodlers are gearing up for a potential price explosion in the near future.
Bitcoin Supply Frozen as Hodlers Dominate
According to onchain data, over 75% of all Bitcoin in circulation has not been transferred in six months or more.
The results are sourced from the Hodl Wave chart by Glassnode, which aggregates data from the blockchain to provide a bird's-eye view of Bitcoin wallets organized by the time since their last transaction.
Cointelegraph shares that the statistics from the onchain analytics platform Glassnode revealed that nearly half of the Bitcoin supply, or around 45%, had been idle for at least six months just a week ago on August 11th; thus, there has been a considerable increase.
Hodlers Hold 75% of Bitcoin for Six Months
Despite the asset's 21% decline from its all-time high, the data presently shows that about 74% has remained stationary for the majority of this year.
An increasing number of long-term investors appear to be hoarding Bitcoin as a store of value, likely in anticipation of future price hikes as older coins dominate the market.
Bitcoin Hoarding May Lead to Future Price Surge
There is less Bitcoin available for trade as a result of the holding trend as well. As a result of rising demand and constrained supply, prices may rise.
In the meantime, onchain analyst James Check noted in an August 19 post on X that over 80% of Bitcoin short-term investors are in the red because they bought their holdings when values were higher than where they are now.
Short-Term Bitcoin Investors in the Red
He warned that if they sell in a hurry, as they did last year, it could cause much more losses. Individuals with a Bitcoin holding period of less than 155 days are considered short-term holders.
The Bitcoin Fear & Greed Index is currently showing a score of 28, indicating widespread pessimism in the market. In recent weeks, the intensity of terror has risen to heights not witnessed since December 2022.
By the conclusion of the weekend, Bitcoin had risen in price above $60,000. But they have subsequently dropped significantly, and as of this writing, they are only $58,619 worth.
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