Of late, it has been observed that Long-Term Investors have kept up with hodling Bitcoin regardless of the fact that its market capitalization has touched $1 Trillion. Glassnode, the on-chain crypto data aggregator released data on March 21 revealing the facts about the 2017 bull market.
Investors Hodling Bitcoin Despite Market Capitalization and Liquidity
In accordance with the data released by Glassnode, the spike of the 2017 bull market witnessed 50% of the total circulating supply of BTC within the foregoing 6 months.
As per the data revelations, only 36% of the total supply of the oldest cryptocurrency has seen movement in the past six months. This supply is quite low as compared to the 50% supply of BTC in the last bull market of 2017.
The liquid supply of BTC is continuing to contract with only 36% of the flowing BC being moved in the last six months.
In accordance with the data released by Glassnode, it is seen that some of the long-term investors are persuaded to sell their BTC hodlings at the current price. This suggests that giant investors or better-called whales are hodling in expectations of getting higher returns.
Naturally, when prices are high, the older coins are expected to be sold for gains, but that trend of buying low and selling at market highs is decreasing.
Willy Woo Notes Significant On-Chain Movements
The Glassnode data was shared by Willy Woo, a popular crypto analyst and it also noted the remarkable on-chain activity. It was while the market capitalization of Bitcoin has been above the mark of $1 Trillion.
Woo released a statement with relevance to the data that demonstrates UTXO Realized Price Distribution and keeps a track of the unspent transaction outputs at variable prices. He stated:
“This is pretty solid price validation; $1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again.”
In addition to this, he said:
“URPD is a lens into price discovery by showing the price when coins last moved assuming they were bought by investors.”