The latest report by on-chain analysis provider Glassnode has unraveled more details on Bitcoin spending habits that could suggest that market sentiment is still bullish.
Glassnode observed that held coins are beginning to mature, and continued outflows from exchanges demonstrate accumulation is not slowing down.
#Bitcoin held above $50k last week as early signs of coin maturation showed up on-chain.
This week we analyse
– Ageing of coins bought in this bull
– Spending behaviour of old coins
– Deep Dive into Exchange Balances
Read more in The Week On-chain👇https://t.co/2RdKg356eC
— glassnode (@glassnode) March 29, 2021
HODL Waves Getting Bigger
As reported by CryptoPotato, smaller accounts are increasing as ‘stacking sats’ becomes popular for new entrants to Bitcoin and crypto markets. Those that bought before or during the previous bull market in 2017/18 will have taken some profits, but that is now beginning to slow down.
The Glassnode report stated that a lot of BTC are on their way to becoming classified as long-term holder (LTH) coins which are over 155 days old. These are the first signs of a new generation of HODLer, forged in the current bull market of 2020/21.
By analyzing HODL waves, which present a macro view of the age distribution of coins and can offer insights into spending behavior, it found that the volume of Bitcoins with a lifespan between 1 and 6 months has swelled by over 9.5% of the supply. There was a notable acceleration starting three months ago, just as the asset started making new all-time highs.
It added …
Story continues on Crypto Potato