Bitcoin (BTC) may be worth nearly three times what it was at the height of the 2017 bull run, but many scammers at the time refused to sell.
The latest data from Bitcoin’s financial services company Unchained Capital shows that in 2017 buyers are in control of the growing supply of BTC.
2017 pranksters are not “weak hands”
According to Unchain’s HODL Waves chart, which ranks the offer based on when the coins were last moved, those who bought three to five years ago are sitting on the investment.
Since the asset crossover in March 2020, when BTC / USD fell to a low of $ 3,600, BTC’s supply ratio that recently moved between February 2016 and February 2018 increased from 5.57% to 13.38%.
In other words, price movements throughout 2019, most of 2020, and 2021 did not completely lead to bull investors to start selling in 2017 after surviving in a bear market for several years.
On the other hand, after five to seven years and seven to ten years, the number of clans decreased in the last year.
Fred writes: “At the beginning of January, 59% of all Bitcoins had been online for more than a year without moving, and by the end of the month that number had dropped to 57%, down 2%, or about 372,320 Bitcoins.” In an update earlier this month.
“It appears that most of the bitcoins introduced in January have remained bitcoins for less than 3 years, as in fact the bitcoins that have been dormant for 3-5 years have risen by 0.8%, and are completely unafraid of price volatility. These are the people who have kept the control since The latest price increase was $ 15,500 in January 2018 or from $ 431 in January 2016. ‘
A 10-year-old veteran is sticking tight
This data contrasts with an unofficial story still found online, which claims that Bitcoin hit $ 20,000 for the first time since 2017, leading to widespread sell-offs by investors desperate to reach parity or with modest returns.
As Cointelegraph reported, the subsequent gains led to limited sales beyond the whale investor size, with deep price cuts.
HODL Waves also confirms that the appetite for Bitcoin has not been diminished by price increases over $ 30,000, $ 40,000 and even $ 50,000.
A separate group – those who bought before 2011 – meanwhile, respectively, are responsible for a larger volume of supply. Since March 15, 2020, the share has increased from 6.85% to 10.24%.
This week, a 100 BTC cache made its debut on the network, untouched since 2010.
However, unlike 2016-2018, the situation is complicated by the arrival of buyers from large companies, especially MicroStrategy, which this week announced its latest purchase, bringing its total Bitcoin portfolio to over 90,000 BTC.