Report: Bitcoin Whales are Hodling
The average velocity is just 2% daily and 6.7% weekly.
March 10, 2020 – A new study reveals that the majority of users who accumulated Bitcoin in 2018 and 2019 are not selling any, or “hodling,” the term used to the act of accumulating tokens and not selling.
The graph from Hodlwaves suggests that a lot of bitcoins have not moved in 2 years (which means starting in 2018), representing 42% of the idle existing Bitcoin supply. Hodl Waves tracks the velocity of Bitcoins.
Cointelegraph noted that those who hold Bitcoins in the shorter term have also decreased. The average velocity is just 2% daily and 6.7% weekly. The website said this reveals a fundamental strength for Bitcoin. The CEO of Glassnode, in an interview with the same website said that network activity and growth suggest that the current BTC price is undervalued when considering on-chain activity.
“Network activity and growth are recovering from last year. For instance, entity adjusted transaction counts are trending upwards again. These are essentially the total number of transactions between different entities but it does not include transactions that occur within addresses of the same entity. The number of addresses with non-zero balances is also reaching new all-time highs each week.”
Source: Cointelegraph 1, 2. Hodl Waves by Unchained Capital
This article is published on BitPinas: Report: Bitcoin Whales are Hodling
