According to Glassnode data, the supply of Bitcoin that has been held for more than half a year has reached a record high. It turns out that most investors who bought Bitcoin a long time ago would rather hold onto it than sell it.
The market may see a ripple-like increase in 6 month-10 year supply holding right now. The metric reveals a fundamental shift in the behavior of crypto investors using Bitcoin as a long-term investment.
The “HODL Wave” surge has been observed since Bitcoin faced after hitting $70,000. The metric also showed that huge purchasing power emerged in the market as Bitcoin tested the new ATH.
Most Crypto Investors Invest Long-Term
Three Arrows Capital CEO stated that the market has seen a change in the behavior pattern of Bitcoin holders compared to 2018. In summary, most crypto investors now prefer more patient and long-term investments.
The reason behind this change is thought to be the unexpected Bitcoin surge at the end of 2020.
At the time of writing, Bitcoin was trading at around $37,835, according to CoinMarketCap data.
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