Long-term bitcoin holders have been unfazed by recent market volatility and are accumulating BTC ahead of next month’s block reward halving.
According to a report published April 25 by crypto analytics firm Glassnodes,on-chain metrics and behavior suggest investors believe next month’s halving event will prove bullish for bitcoin.
The report claims bitcoin investors are increasing their positions and long-term holders are tightening their positions.
Despite recent market volatility, including March’s crypto meltdown, the amount of bitcoin that has remained unmoved for at least two years has increased by over ten percent.
The report reads,
Currently 42.83% of all circulating BTC has not been moved for at least two years. This has increased by 10.4% in the last year and despite March seeing one of the largest market crashes in history, the confidence of long term holders was largely unaffected by Bitcoin's price drop.
Glassnode’s HODLer Net Position Net Change remained positive through March’s market crash and climbed to a yearly high in the second half of April. According to the report, a positive metric indicates long-term investors held steady through the market volatility and capitalised on the discounted BTC to increase their positions.
Bitcoin HODLer Net Position Change | Source: Glassnodes
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