Bitcoin’s surge and slump in value has been nothing short of spectacular over the past few months.
The cryptocurrency market has been experiencing a roller coaster ride since its peak in late November 2021. This comes after it soared to an all-time high of $69,000.
However, it seems that long-term holders of Bitcoin have been able to hold on to their positions despite the current market slump and surge.
According to a new report from Glassnode, an analytics platform for crypto markets, Bitcoin hodlers are doing fairly well in withstanding the current market fluctuations. The report focuses on Bitcoin that was previously active 2+ and 5+ years ago.
The chart above depicts the Bitcoin supply at various age bands ranging from one to five years. The red line represents the percentage of Bitcoin's supply that has not moved in more than a year, while the blue line represents Bitcoin that has not moved in more than five years.
Bitcoin, which was last active more than five years ago, has reached an all-time high of 28% of the total available supply. Since records began in 2014, the 5-year supply has grown steadily. However, supply leveled off between 2016 and 2018, and again between 2020 and 2021. The 5+ year supply has grown rapidly since mid-2021.
Furthermore, Bitcoin, which was last active more than two years ago, has broken 48% of total supply for the first time. The two-year supply peaked in 2017, then fell to around 30% from a high of 47%. The percentage of Bitcoin that hasn't moved in 2+ years is increasing at the fastest rate in history, indicating strong resolve within the cohort.
The data also confirms that approximately 36% of all Bitcoin traded hands in the last year. Since Bitcoin was at $38,000, the remaining 64% has remained static.