Glassnode: bitcoin holders hold 80% of the supply for three months

Analysts noted that a similar situation was observed during the end of the bear market cycles of 2012, 2015, and 2018

18.07.2022 - 09:00

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What’s new? Experts at analytics firm Glassnode have published data on the behavior of bitcoin holders. According to the statistics, more than 80% of total funds invested in the first cryptocurrency have not moved for at least three months. “This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices,” the experts said.

Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.Live Chart: https://t.co/lRtBe69Phz pic.twitter.com/NIQzwkXQDv— glassnode (@glassnode) July 16, 2022

What other data has Glassnode published? According to analysts, the current situation resembles the periods of 2012, 2015, and 2018 during the end of the bear market cycles.

The company has also recorded a decline in the number of active addresses since November 2021. This means that fewer investors are interacting with the Bitcoin network. In this, the number of non-zero BTC addresses has reached an all-time high of 42 530 652. On July 12, Glassnode reported that the total number of bitcoin addresses exceeded 1 billion.

As of July 18, 09:00 UTC, BTC is trading at $22 277, having gained 3,82% in 24 hours, according to Binance. This is 67,7% below the all-time high (ATH) of November 2021. According to the IntoTheBlock analytics platform, at the current price of the asset, 39% of holders incur an “on-paper loss” (losses on open positions that have not been recorded).

In June, experts at Glassnode called the current bear cycle the worst in cryptocurrency history. According to Glassnode, the majority of investors continue to suffer losses, the reason was a combination of several factors at once. Among them, experts cited inflation, reduced liquidity in the economy, and high levels of leverage funds.

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