For several weeks now, the Bitcoin (BTC) price has been hesitating and failing to solidify above $11,000. Is the investors‘ strategy still focused on the hodl?
Hoddlers continue to accumulate BTC
Odorists have now got their hands on a very significant portion of the CTCs in circulation: more than 63%, according to a recent tweet from the Glassnode analysis firm. It is now more than 11.7 million Bitcoin Revolution that have not moved for at least a year. The share of TBCs that have not moved for at least two years has also grown: it now represents 44% of the TBCs in circulation. Finally, a significant 31% of the CTS have not moved for three years or more.
There are less than 2.5 million bitcoins (BTCs) left to be mined. Investors waiting for a sign?
If we look at Bitcoin’s trading volume over a shorter period of time, we can see that BTC transfers were lower during the month of September. Indeed, the average trading volume has been gradually decreasing:
Bitcoin BTC trading volume
It must be said that after an explosive summer, the price of Bitcoin hesitated above all throughout the month of September, after a sharp fall at the beginning of the month. Since September 5, it has fluctuated between $9,800 and $11,100, without ever managing to consolidate above $11,000. This morning, 1 BTC was thus exchanged for 10,800 dollars.
Could the BTC calcify?
That more and more investors are choosing to keep their CTS for the long term is not a problem in itself. But it does show two things. On the one hand, Bitcoin’s status as a common currency seems to be slipping further and further away, at least as long as its price continues to rise over the years. On the other hand, it could indicate that the market for Bitcoin will be influenced in the future if the share of BTCs held by hoddlers continues to increase. If 80% of the BTC in circulation were to become immobile, the trend would only be confirmed.