Early Bitcoin investors who have held BTC for almost a decade are not selling, according to a tweet from Glassnode.
Old Bitcoin Stashes
The number of wallets that were last active more than 10 years ago, i.e. in 2012 and before, has increased dramatically, with Bitcoin kept in them reaching an all-time high of 2,386,849.127 coins.
Back then, what is today the world’s biggest cryptocurrency by market capitalization was the sole cryptocurrency, and it was valued at less than $100. Furthermore, the enigmatic Bitcoin founder Satoshi Nakamoto was still active at the time, conversing with developers on forums and through e-mail.
📈 #Bitcoin $BTC Amount of Supply Last Active > 10y just reached an ATH of 2,386,849.127 BTCView metric: — glassnode alerts (@glassnodealerts) February 11, 2022
While many long-term Bitcoin investors are still holding on to their coins, more newcomers are joining the Bitcoin bandwagon. The reason behind this is that a growing number of Wall Street corporations and high-net-worth people, including well-known billionaires like Paul Tudor Jones, Mark Cuban, Robert Kiyosaki, and Elon Musk, have begun to regard Bitcoin as a store of wealth.
Long-term holders are referred to as “diamond hands” in the crypto industry because they retain their coins tightly.
On the other side, so-called “paper hands,” or inexperienced investors who come into crypto to make a fast profit or who are terrified of the FUD, continue to dump their Bitcoin holdings.
Additional data from Glassnode, for example, reveals that the number of wallets holding 100 BTC or more has fallen to a five-year low of 15,650.
📉 #Bitcoin $BTC Number of Addresses Holding 100+ Coins just reached a 5-year low of 15,650Previous 5-year low of 15,653 was observed on 07 February 2022View metric: — glassnode alerts (@glassnodealerts) February 11, 2022
