It’s “younger” BTC bought at the summer $30,000 lows that’s getting Q4, data shows.
Seasoned Bitcoin (BTC) hodlers have hardly spent any coins despite $69,000 uncomparable highs this year, data shows.
According to the Coin Days Destroyed (CDD) metric from on-chain analytics firm Glassnode, the proportion of coins being spent by previous hands remains close to record lows.
Strong hands knuckle down throughout 2021
In the latest sign of the conviction of these who invest in and hold Bitcoin over multiple years, CDD remains very calm.
The indicator refers to however long each BTC has been dormant when it moves. This provides another to easy volume measurements to work out market trends. Older coins are therefore a lot of “important” than younger ones with a history of active movement.
“Despite a rise over the last few months, the current price continues to be around historic lows,” Twitter account UTXO Management summarized alongside an imprint of the chart.
The data highlights that since a spike in oldtimer commerce when BTC/USD crossed 2017’s all-time highs of $20,000 last year, sturdy hands have stayed firm.
Even the run to nearly $70,000 did not break the trend significantly, and commerce still seems to be returning from newer market entrants.
Summer buyers are winter sellers
Another metric, unchained Capital’s Hodl Waves, confirms this — those coins purchased between 3 and 6 months agone currently account for the largest decrease within the overall provide.
( William Suberg, Cointelegraph, 2021)