Bitcoin Investors Staying Put as Supply Reaches All-Time High Dormancy
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Almost 90% of the Bitcoin supply hasn't moved in the last 3 months, according to the HODL Waves indicator. This suggests investors are holding onto their coins.
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The percentage of Bitcoin supply dormant for over 3 months recently reached an all-time high of 89.1%.
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Many late investors from the previous cycle have turned into long-term holders. They are waiting to sell until the next bull market takes off.
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The upcoming Bitcoin halving and potential for a Bitcoin ETF approval in 2023-2024 are reasons investors remain in HODL mode.
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The behavior of 2-3 year HODL waves historically signals the transition from a bear to bull market. This cohort may indicate if the bull market is maturing.