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Bitcoin buyers who purchased at $20K are refusing to sell at all-time highs


According to research, Bitcoin (BTC) traders who purchased at all-time highs in 2017 have yet to sell.
It may be appealing to sell with 3x gains, however, last November’s purchasers are sticking to their guns and continuing to “hodl”.
And according to Hodl Waves metric, coins that have moved in the recent six to twelve months currently account for the majority of BTC supply.

BTC buyers won’t stop holding

Buyers who came on the market or added to their positions in or after November 2020 are unwilling to sell. Notwithstanding, significant gains and similarly strong corrections in 2021.
The supply held by the six-to-12-month “hodlers” has surged, according to Hodl Waves, which measures the age distribution of unspent transaction outputs (UTXO).
Coins kept for more than a year have only marginally dropped, indicating that only minor selling has occurred and that, with the exception of the six-to-12-month category, investors’ resolve has remained firm.

The distribution of coins by long-term holders, which is a typical feature of bull market peak times, has begun. This happened the last time in November of last year.

The information highlights the hypothesis that a couple of BTC proprietors expect to sell at current costs, even as these circle unsurpassed highs.

“Older coins are still very inactive”

Dormancy flow, Bitcoin’s market value divided by annual dormancy, remains low around BTC/USD all-time highs. As on-chain analyst William Clemente pointed out this week.
Clemente explained that high dormancy shows that earlier coins have been consumed.
“With dormancy flow so low right now, older coins are still very inactive,” he remarked on Twitter on Wednesday.
“According to the statistic, the Bitcoin bull market has a long way to go.”

Moreover, new data on “older” BTC suggests that Bitcoin’s oldest holders will continue to remain cautious.

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