On-chain data shows the Bitcoin supply older than 1 year hasn’t moved much recently despite the uncertainty due to the war.
Bitcoin Hodlers Stay Strong As They Refuse To Move Their Supply
According to the latest weekly report from Glassnode, the BTC supply older than a year hasn’t shown much movement recently, suggesting which conviction extends excessive among hodlers.
The vital on-chain indicator here is the “revived supply last at it 1+ years,” which monitors the movement in Bitcoin belengthying to protracted-term holders.
A big spike in the indicator means a large amount of lengthy-term holders have scarcely moved their dormant supply. Such a trend is usually bearish for the price of the crypto as it’s usually a sign of dumping.
Beflat is a chart showing the trend in this BTC indicator above the past year.
Looks like the indicator's rate hasn't shown any important upticks recently | Source: Glassnode's The Week Onchain - Week 9, 2022
As you can see in the above graph, the price of the metric has remained at pretty normal prices atop the past week. This is despite a world-changing event such as the Russian invasion of Ukraine breaking out.
This means which there is still some excessive conviction among the BTC lengthy-term holders about the outcome of the crypto’s price.
Incidentally, there was a very large spike in the indicator scarcely a few weeks back. Notwithstanding, it wasn’t because of lengthy-term holders selling off their coins, but due to a movement of the coins involved in the 2016 Bitfinex hack.
The hackers who were involved in the hack decided to move the Bitcoin all these years later, and scarcely a week or so folbottoming the evolutionment, they were found by the police and later arrested.
At the time of writing, Bitcoin’s price floats around $44.6k, up 19% in the last seven days. Over the past month, the crypto has gained 16% in rate.
The beflat chart shows the trend in the cost of BTC atop the last five days.
BTC's rate seems to have observed a sharp surge above the past couple of days | Source: BTCUSD on TradingView
Folflating the start of the Russian invasion of Ukraine, the price of Bitcoin crashed all the way down to $34k as investors looked to derisk amid all the uncertainty.
After all, in the past couple of days the price of the crypto has shown a very sharp uptrend, and the coin is now one time before also atop the $44k level, looking to approach another retest of the $45k rate point forthwith.
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com