Bitcoin “Hodlers” Control 63% of the Total BTC Supply, New Data Shows

Bitcoin’s price action has done little to reassure investors of its near-term outlook, as the cryptocurrency has largely been caught within the throes of an intense bout of sideways trading over the past couple of weeks.

This has led to the formation of a trading range between $10,200 and $11,200, with buyers and sellers largely reaching an impasse as it trades between these two range boundaries.

How To Get Free Crypto  

The cryptocurrency’s trading volume has been diving lower throughout the course of this consolidation phase, which indicates that traders are moving to the sidelines and awaiting directional clarity before diving into positions.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

One bullish fundamental trend that bodes incredibly well for BTC’s macro outlook is the massive percentage of the crypto’s total supply that is controlled by long-term investors.

This trend indicates that a small group of active investors and traders are driving the recent volatility, while the cryptocurrency’s base supply remains dormant.

Bitcoin’s Price Stagnates as Buyers and Sellers Remain Deadlocked

At the time of writing, Bitcoin’s price is trading down just under 1% at its current price of $10,750. This is around where it has been trading throughout the past day, as buyers and sellers have both been unable to catalyze any momentum.

Coinbase Banner  

This sideways trading has come about due to the formation of a trading range between $10,600 and $10,800.

While zooming out, the macro range that the benchmark digital asset has been caught within has a lower boundary at $10,200 and an upper boundary at $11,200.

Until either of these levels are surmounted, the cryptocurrency’s outlook remains somewhat unclear, although its ongoing consolidation bout beneath its resistance can be interpreted as slightly bullish.

Vast Majority of BTC’s Supply is Controlled by Long-Term Investors 

Analytics platform Glassnode explained in a recent tweet that 63.3% of the total BTC supply has not been moved in over one year. They also note that a shocking 31.4% of the total supply hasn’t been moved in 3+ years.

“Percent of Bitcoin supply that hasn’t moved in… 1+ years: 63.3%  (11.7 million BTC) 2+ years: 44.5% (8.2 million BTC) 3+ years: 31.4% (5.8 million BTC).”

Image Courtesy of Glassnode.

This trend is bullish for Bitcoin because it shows that most of its investor base are taking a long-term approach to their holdings and are unlikely to sell into any upwards movements it sees in the near-term.

FreeBitcoin Banner  
Featured image from Unsplash.
Pricing data from TradingView.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.