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The number of HODLers has risen sharply since the beginning of the year

Since the beginning of the year, the Bitcoin price has risen from $ 29,032 to currently $ 49,128. This corresponds to a year-to-date performance of 69.22 percent.

During the course of the year, the Bitcoin price even reached its all-time high with a value of $ 64,863. The sharp price increases in particular caused euphoria on the crypto market at the beginning of the year, so that new investors entered the market as a result.

Glassnode’s on-chain analysis provides insights into investor behavior

A current on-chain analysis by the Swiss experts from Glassnode now shows that in the last four months in particular, the number of BTCs that were held for a period of at least 6 to 12 months has increased significantly.

The figures shown underline the “Hodler” nature, which is very pronounced on the crypto market. The phenomenon, which is called the “buy and hold” strategy in the classic financial market, is probably the most common form of investment in Bitcoin.

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From an investor’s perspective, the main motivation for this is speculation on rising prices in the future. On the other hand – and this explicitly applies to Germany – the tax exemption applies for a holding period of more than one year.

The positive effect of this phenomenon is also expressed in the fact that the Bitcoin (BTC) held are initially no longer available on the market, which in turn affects the available supply on the market.

Santiment notes anomaly on crypto exchanges

At the same time, an evaluation by the analysis company Santiment shows that a strong outlier in the movements on the crypto exchanges could be detected this Monday.

Specifically, the number of Bitcoin that was moved towards crypto exchanges and vice versa reached a value that was last reached on March 12, 2020.

As a reminder: Exactly on this day, the “Black Swan” effect caused a massive tremor in the crypto markets, with the Bitcoin price collapsing by around 50 percent within 24 hours.

In the next few days in particular, investors should keep a close eye on the movements on crypto exchanges and the activities of large wallet addresses. At the same time, it can be seen that new investors who entered the market this year are initially holding their BTC.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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