Bitcoin buyers from the early phases of the bull run are still hodling despite BTC\u2019s meteoric surge into new all-time highs, according to data shared by Glassnode.<\/p>\n
The on-chain analytics provider shared its \u201cRealized Cap HODL Waves\u201d chart, noting that the number of coins that were last realized on-chain in the past six months has nearly doubled from roughly 40% to 80% since the third quarter of 2020 \u2014 showing that much of the BTC purchased during this period has not been touched since.<\/p>\n
HODL Waves are used to estimate the time since BTC coins last moved on-chain, while the realized price is derived from the price the coins were last moved at, rather than the current price. As such, the colored bands shown in the Realized Cap HODL Waves chart increase in thickness \u201cas coins mature or are spent into different age bands.\u201d<\/p>\n
The data evidences that a large number of BTC purchased during 2020\u2019s later months have not since been traded, with the chart showing coins progressively maturing from the fourth-quarter 2020 onwards.<\/p>\n
Analyzing the chart in its May 3 Weekly On-chain report, Glassnode stated: \u201cThese are coins accumulated in the early bull market that have remained dormant since.\u201d<\/p>\n
However, the chart also shows that the share of Bitcoin\u2019s supply represented by coins last active between six months and three years ago has plummeted since mid-2020, dropping from more than 55% in July 2020 to around 10% now. This means long-term investors have been capitalizing on Bitcoin\u2019s all-time highs and realizing profitson multi-year positions.<\/p>\n
Short-term speculation also appears to have surged since November, peaking with roughly half of Bitcoin\u2019s supply having been realized in the past three months. This suggests short term traders are driving the markets. <\/p>\n