According to Glassnode, more than 60% of bitcoins have not been moving for more than a year. Market analysts report that a similar situation occurred in 2016 — a year before the bull market began in 2017. Thus, Bitcoin investors are again showing an optimistic view on the market.
60% of the #Bitcoin supply hasn't moved in over a year, showing increased investor hodling behaviour.— glassnode (@glassnode) May 29, 2020
Last time we saw these levels was right before the $BTC bull market of 2017. pic.twitter.com/mRXQmhUzGu
Despite the catastrophic March fall of the crypto market, which almost halved the price of bitcoin, the largest cryptocurrency in terms of market capitalization has managed to reach a recovery position, and long-term holders were most likely not affected by the fall in prices.
In fact, the Hodler Net Position indicator remained positive during the crisis and rose to new highs. Glassnode also notes the following: while long-term investors held their investments, retail investors used low prices after the crash to invest further.