The Bitcoin supply being steadfastly held is increasing, as is the reluctance to sell. Furthermore, recent market action has been one of the tightest trading ranges over the last few years.
On May 22, on-chain analytics provider Glassnode reported that large swathes of Bitcoin supply remain dormant in investor wallets. Several key age bands are hitting all-time highs, it added.
The Bitcoin supply held for longer than a year continues to push to new highs as the hodl narrative grows.
Bitcoin Holders Resolute
“The remarkable level of HODLing across the supply continues, with such high coin inactivity supporting the extreme lows of on-chain volume throughput.”
The chart below shows an increase in hodling across all bands, with the steepest in the two years last active band. These were coins accumulated in early 2021 at the beginning of the bull market.
Moreover, the supply of long-term…
