BTC long-term HODLers hit all-time high as Bitcoiners refuse to sell

Data from Glassnode analyzed by crypto slate It shows long-term Bitcoin holders hitting all-time highs, with a focus on Bitcoins that were active over two years ago and over five years ago.

A cohort of investors from February 2021 has averaged a 66% drawdown from their purchase price, while investors who bought during the 2017 bull market are now profitable. Two years ago the average price of Bitcoin was around $36,000, and five years ago he averaged $9,500.

Investors who bought bitcoin for around $20,000 in 2017 had to endure almost four years of low prices before bitcoin surpassed its 2017 high in early 2021.

The chart below highlights the last active bitcoin supply for a set age band from 1 to 5 years old.The red line is the last active bitcoin supply over a year ago , and the blue line shows bitcoins that haven’t moved in over five years.

Bitcoin, which was last active more than five years ago, has reached an all-time high of 28% of the total available Bitcoin supply. Since records began in 2014, supply has increased consistently over the five years. However, from 2016 to 2018 and 2020 to 2021, the supply plateaued somewhat. From mid-2021 onwards, the 5+ year supply is expanding rapidly.

Additionally, Bitcoin, which was last active more than two years ago, topped 48% of total supply for the first time. Supply over two years has fallen from a high of 47% to around 30% after peaking in 2017. The sharp increase in the percentage of bitcoins that haven’t moved in over two years is the fastest ever increasing rate, demonstrating a strong determination within the cohort.

The data also confirms that around 36% of all Bitcoins have changed owners within the last 12 months. The remaining 64% have not moved since Bitcoin hit his $38,000 mark.