BTC long-term HODLers hit all-time high as Bitcoiners refuse to sell

BTC long-term HODLers hit all-time high as Bitcoiners refuse to sell

Feb. 5, 2023 at 8:30 pm

By Liam 'Akiba' Wright

Bitcoiners holding for over 5 years hits all-time high as 2+ year holders also peak

Data from Glassnode analyzed by CryptoSlate indicates that long-term Bitcoin holders have hit an all-time high, with a focus on Bitcoin that was previously active 2+ and 5+ years ago.

The cohort of investors from Feb. 2021 is at an average of 66% drawdown from the purchase price, while those who bought in the 2017 bull run are currently in profit. The average price of Bitcoin 2 years ago was around $36,000, and the average price five years ago was $9,500.

Investors who purchased Bitcoin for around $20,000 in 2017 had to endure almost four years of lower prices until Bitcoin finally broke above the 2017 high in early 2021. However, purchases from the height of the 2021 bull run in November have seen falling prices ever since.

The chart below highlights the Bitcoin supply that was last active at set age bands from 1 to 5 years. The red line indicates the percentage of Bitcoin’s supply that was last active over one year ago, while the blue line depicts Bitcoin that has not moved in over five years.

Bitcoin, which was last active over five years ago, has reached an all-time high of 28% supply of the total available Bitcoin. The 5+ year supply has seen consistent growth since records began in 2014. However, between 2016 and 2018, and 2020 and 2021, the supply plateaued somewhat. Since mid-2021, the 5+ year supply has expanded rapidly.