The sharp drop in unmoved supply suggested that long-term holders were liquidating their BTC holdings, signaling a shift away from HODLing.
The sharp drop in unmoved supply suggested that long-term holders were liquidating their BTC holdings, signaling a shift away from the popular HODLing narrative.
LTH are known to hoard coins for longer durations of time, at least six months as per Glassnode, and don’t exit their positions easily owing to market conditions. Naturally, the recent sell-offs sparked curiosity.BTC has moved in a tight trading range since hitting yearly peaks in the recent June rally. In the absence of any meaningful price rise, it was possible that most of these investors sold their holdings at a loss.
This was also evidenced by the dramatic increase in circulatory supply in loss. As per Glassnode, after a sharp dip seen last month, loss-making addresses swelled up over the past two weeks.Additionally, most of these investors acquired tokens before the extremes of the 2022 bear market. Despite a strong recovery, BTC’s price is yet to recover to those levels.
CryptoQuant’s Long term holder SOPR metric sank below 1 over the past week. Values less than ‘1’ typically suggest that long-term investors were cashing out at a loss.While the 1 year-2 year age band recorded a drop, older BTC coins continued to sit dormant in investor wallets. BTC supply held for more than 2 years increased from 47% at the beginning of 2023 to 56% at the time of writing, data showed.
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