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Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021


Despite all-time highs of over $69,000 this year, research shows that seasoned Bitcoin (BTC) hodlers have barely spent any coins.

The proportion of coins spent by elderly hands is at record lows, according to the Coin Days Destroyed (CDD) metric from on-chain analytics startup Glassnode.

Throughout 2021, strong hands will knuckle down

CDD is extremely tranquil, which is the latest proof of the conviction of individuals who have invested in and held Bitcoin for several years.

Each time a BTC moves, the indication indicates how long it has been idle. To determine market trends, this provides an alternative to simple volume measurements. Thus, older coins are more “significant” than newer coins with a history of active circulation.

“Despite a recent increase, the present value is still at historic lows,” Twitter account UTXO Management explained accompanied by a screenshot of the chart.

Coin Days Destroyed (CDD) annotated chart. Source: UTXO Management/ Twitter

The data shows that strong hands have remained stable after a rise in old hand selling after BTC/USD hit all-time highs of $20,000 last year.

Even the recent rally to nearly $70,000 failed to appreciably break the pattern. And fresh market participants appear to be selling.

Summer purchasers are sellers in the winter

Another indicator, Unchained Capital’s HODL Waves, verifies this, coins purchased three to six months ago now account for the greatest reduction in overall supply.

This means that sellers bought their bitcoins between June and September of this year. When the bitcoin to dollar exchange rate fell to $30,000.

Bitcoin HODL Waves chart. Source: Unchained Capital

As previously noted, obvious disparities between several groups of hodlers have long been studied.

Even those who entered the market at $20,000 are increasing their stakes. As BTC/USD is expected to conclude 2021 roughly $20,000 higher than it was at the beginning of January.

Meanwhile, senior analyst Dylan LeClair of UTXO Management said last week that hodlers are adding to their positions, in general, this month.

Just 1.3 million Bitcoin left circulating on crypto exchanges

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