Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021

Seasoned
Bitcoin
(BTC)
hodlers
have
hardly
spent
any
coins
despite
$69,000
all-time
highs
this
year,
data
shows.

According
to
the
Coin
Days
Destroyed
(CDD)
metric
from
on-chain
analytics
firm

Glassnode
,
the
proportion
of
coins
being
spent
by
old
hands
remains
near
record
lows.

Strong
hands
knuckle
down
throughout
2021

In
the
latest
sign
of
the
conviction
of
those
who
invest
in
and
hold
Bitcoin
over
multiple
years,
CDD
remains
extremely
calm.

The
indicator
refers
to
how
long
each
BTC
has
been
dormant
each
time
it
moves.
This
provides
an
alternative
to
simple
volume
measurements
to
determine
market
trends.
Older
coins
are
thus
more
“important”
than
younger
ones
with
a
history
of
active
movement.

“Despite
a
rise
over
the
last
few
months,
the
current
value
is
still
around
historic
lows,”
Twitter
account
UTXO
Management

summarized

alongside
an
imprint
of
the
chart.


Coin
Days
Destroyed
(CDD)
annotated
chart.
Source:
UTXO
Management/Twitter

The
data
highlights
that
since
a
spike
in
old
hand
selling
after
BTC/USD
crossed
2017’s
all-time
highs
of
$20,000
last
year,
strong
hands
have
stayed
firm.

Even
the
run
to
nearly
$70,000
failed
to
break
the
trend
significantly,
and
selling
still
appears
to
be
coming
from
newer
market
entrants.

Summer
buyers
are
winter
sellers

Another
metric,
Unchained
Capital’s

Hodl
Waves
,
confirms
this

those
coins
purchased
between
three
and
six
months
ago
now
account
for
the
biggest
decrease
in
the
overall
supply.



Related: Countdown
to
the
yearly
close:
5
things
to
watch
in
Bitcoin
this
week

This
implies
that
sellers
acquired
their
BTC
between
June
and
September
this
year,
the
period
during
which
BTC/USD
dipped
to
lows
of
$30,000.


Bitcoin
Hodl
Waves
chart.
Source:
Unchained
Capital

As
Cointelegraph
reported,
clear
distinctions
between
different
groups
of
hodlers
have
long
been
under
the
microscope.

Even
those
who
entered
the
market
at
$20,000
are

doubling
down
,
as
BTC/USD
looks
set
to
end
2021
at
around
$20,000
higher
than
at
the
start
of
January.

Meanwhile,
UTXO
Management
senior
analyst
Dylan
LeClair
last
week
noted
that
overall,
hodlers
are
adding
to
their
positions
this
month. 

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