Glassnode, a prominent blockchain analytics firm, recently revealed that a record-breaking 70.35% of Bitcoin’s circulating supply has been inactive for over a year.
This is higher than the previous high of 69.35% set in July, indicating a steadfast commitment on the part of Bitcoin hodlers.
This extended period of inactivity suggests that some Bitcoin holders are unconcerned about market challenges and global economic uncertainty.
Despite the cryptocurrency’s price doubling this year to $37,000, long-term investors appear determined to ride out the storm.
The data not only shows the prevalence of one-year inactive holdings but also shows similar trends in Bitcoin holdings that have been inactive for two, three, or even five years.
This suggests that a sizable number of investors are opting for a “buy and hold” strategy, emphasizing their belief in Bitcoin’s long-term value.
While these figures provide insight into individual Bitcoin holders’ mindsets, it’s also important to consider the evolving landscape of Bitcoin investment strategies.
The rise of exchange-traded funds (ETFs) and futures has provided investors with new options. Although Bitcoin held in ETFs may be considered inactive in some cases, the ability to trade ETF units on exchanges adds a layer of complexity to the overall market dynamics.
