Crypto Newbies Selling While Long-Term Hodlers Maintain Course
The crypto space is experiencing a series of brand new highs for the 2021, but this doesn’t seem to sway the long-term Bitcoin hodlers. As newbies reap in their hard-earned profits, the old dogs are content to let their Bitcoin lie.
Fresh Blood Selling For Profit
This can be seen by the “Hodlewaves” chart made by Unchained Capital. This stands as a metric measuring the time since various Bitcoin wallets had been active last. With the year 2021, however, it seems that both long and short-term activity has seen a significant rise
According to the Hodlewaves chart, a new high, only beat out by the 2018 metrics, has been achieved in terms of Bitcoin being moved throughout the last 30 to 90 days since its inception. In total, these types of addresses stand at 15% and over, with the largest part of the total Bitcoin wallets being just that.
The Old Dogs Still Hodling
At the second-largest segment stands the Bitcoin wallets that haven’t been active throughout the past 3 to 5 years. A total of 13.5% of the Bitcoin wallet addresses fall within this position. Throughout 2021, the number of wallets within this category has only expanded, showing an increase of the so-called “Hodler” traders.
Onlookers to this metric are openly speculating that a majority of these holders had bought into Bitcoin at its precious peak of 2017, having born the brunt of the subsequent crypto winter and enjoying the crypto spring as a result.
It seems that the extra-long term bitcoin holders, that is wallets that haven’t moved between 5 to 10 years, are starting to decrease in numbers throughout the past year. However, the same can’t be said for Bitcoin wallets over a decade old. In the span of two years, the greatest of Hodlers expanded from 1.7% of all Bitcoin wallets, to as much as 10.7% it is today.
Almost Half Of Bitcoin’s Wallets Active This Year
Rafael Schultze-Kraft stands as the co-founder and CTO of Glassnode, one of crypto’s more prominent on-chain analytics firms. In a public tweet, the man revealed that the number of crypto wallets that’s been inactive throughout the past three years has only increased, while the new players on the block are selling to reap their rewards.
This data reveals that the total amount of Bitcoin wallets that haven’t been active for at least a year has seen a spectacular decline, going from January’s 65% to today’s 55%. That means that almost half of the entire Bitcoin wallet space is currently doing business in this new bull market.