According to data from crypto analysis service Glassnode, 60% of Bitcoin Held in Wallets hasn’t witnessed any activity in the last year and more.
This means that a majority of holders are stubbornly hodling bitcoin despite the crypto’s restated volatility.
The turn of the year has seen bitcoin market squarely in a bear market, as its price struggled to break past $40000 mark. The latest data at time of publishing indicates that the crypto is selling at $36,817.
However, as can be seen from the glassnode data, long – term investors are either doubling down on their positions or staying put.
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SEE ALSO: Could ETH Really Flip Bitcoin’s Market Cap?
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According to stats, twice before in Bitcoin’s history has the one-year-or-more value reached the aforementioned level of 60.61%.
Furthermore, analysis by leading crypto entrepreneur and investor Alistair Milne, both occasions came after a downtrend but preceded a major bounce – back in price action.
As can be deduced from the Glassnode data, short-term holders continue to be the main driver of bitcoin’s (BTC) volatility.
Glassnode further demonstrates that short-term holders are the most likely cohort to spend their coins in response to volatility and continue to be the main driver of BTC volatility.
Further reporting indicates that addresses with BTC less than one-month holdings are moving almost in tandem with the price action. The Russia – Ukraine crisis is thought to be one of the major shocks causing volatility currently.
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RECOMMENDED READING: EXPLAINER: Bitcoin Turns 13 – A Look at Satoshi Nakamoto and the Genesis Block
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