Bitcoin (BTC) has been stuck below the $10,000 level for months now, but there is an indicator which suggests that a rally is brewing. Bitcoin (BTC) HODLING is at its highest level in 4 years, with 60.63% of Bitcoin’s (BTC) circulating supply not being moved in over a year. Further, the level of HODLING is on a steady upwards trajectory.
Apparently Bitcoin (BTC) held for more than 3 years and for more than 10 years have seen the biggest growth, with an increase of 26% and 31% respectively.
Notably, coins that have been held for more than 3 years were purchased in the summer of 2017 or earlier, meaning that a significant fraction of 2017 Bitcoin (BTC) buyers have held through today.
Further, this data indicates that most of the people who bought Bitcoin (BTC) during the worst of the 2018 bear market are still HODLING.
Zooming out, this increase in HODLING to 4 year highs is an extremely bullish sign, since it means that an increasing amount of Bitcoin (BTC) is held by investors who expect a major rally, and these investors are not willing to sell until the rally actually happens.
This is positive for two reasons. First off, there is a general consensus that Bitcoin (BTC) will rally, and presumably there are some fundamentals and logic behind these predictions. Further, HODLING positively impacts the market in a more direct way since more HODLING means less Bitcoin (BTC) is available on the market, and this leads to less selling pressure and a higher price.
The Bitcoin (BTC) market continues to flash bullish signs since the May block halving, with the latest sign being that HODLING is now at the highest point in 4 years.