Bitcoin Has Tumbled, But Its Long-Term Holders Aren’t Budging

Jonathan Hobbs

10 days ago1:17 min

Bitcoin Has Tumbled, But Its Long-Term Holders Aren’t Budging

Bitcoin’s price is now less than half of what it was this time last year. But over that time, a whole lot of its investors have been holding on, rather than selling: a record 65.8% of the coins in existence have stayed in the same wallet addresses.

This chart shows what’s happening in three pieces: the blue line is the percentage of bitcoin’s total supply that hasn’t moved in a year or more, the white line is bitcoin’s price, and the big gray bars represent periods when the cryptocurrency was in a downtrend or moving sideways with no clear direction. You can see that the percentage of coins held by investors tends to rise as the price falls, or as it becomes trapped in a more limited trading range. That’s typically when holders look to build their bitcoin stacks and pile up more coins. Th

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