BTC’s Long-Term HODLers Hit All-Time High as Bitcoiners Refuse to Sell

Glassnode data analyzed by CryptoSlate indicates that long-term bitcoin holders have reached an all-time high, with a focus on bitcoin which was previously active 2+ and 5+ years ago.

The February 2021 cohort of investors are on average 66% down from the buy price, while those who bought in the 2017 bull run are currently in profit. The average Bitcoin price 2 years ago was around $36,000, and the average price five years ago was $9,500.

Investors who bought Bitcoin for around $20,000 in 2017 had to endure nearly four years of price declines until Bitcoin finally surpassed the 2017 high in early 2021. However, buying from the high of the 2021 bull run in November have seen prices fall ever since.

The chart below highlights Bitcoin supply that was last active in defined age bands of 1-5 years. The red line shows the percentage of bitcoin supply that was last active over a year ago, while the blue line represents bitcoin that hasn’t moved in over five years.

Bitcoin, which was last active over five years ago, reached an all-time high of 28% of the total available Bitcoin supply. The 5+ supply has grown steadily since registrations began in 2014. However, between 2016 and 2018, and 2020 and 2021, the supply plateaued somewhat. Since mid-2021, the 5+ offer has grown rapidly.

Additionally, Bitcoin which was last active over 2 years ago broke 48% of the total supply for the first time. 2+ year supply last peaked in 2017 before falling to around 30% from a high of 47%. The sharp increase in the percentage of Bitcoin that has not moved for more than 2 years is growing at the fastest rate in history, indicating strong determination within the cohort.

The data also confirms that around 36% of all Bitcoins have changed hands in the last 12 months. The remaining 64% has not moved since Bitcoin was at $38,000.