As seen in the on-chain metrics, BTC and ETH holders are relatively relaxed and extremely reluctant to sell. Moreover, it can also be seen that investors are very cautious and are betting on Hodling.
Hodl waves have been on a downward trend
Bitcoin and Ethereum hodl waves have been in a clear downtrend for the past 4 months, according to Glassnode. Coins that are not older than 3 months are usually issued in volatility. However, this also means that these falling hodl waves of young coins tend to indicate that the “old” investors are holding the coins instead of selling them. It can also be seen that young BTC now only make up around 15% of supply, so there is a very strong downward trend at play.
The same is true for Ethereum. Here, young ETFs only make up about 12.5% of the circulating supply. Statistically, coins that have an age of 3 months to 1 year are very unlikely to be issued.
For BTC in particular, there is a strong upward trend in older coins in play. Almost 50% of the supply is coins between 3 months and 3 years old. This result is complemented by the so-called liveness metric. This analyzes whether there have been more Coindays spent by investors or whether they are holding the coins. Since June, this metric has been declining, indicating that investors are very relaxed and reluctant to sell. The same is true for Ethereum.
Non-zero BTC addresses
But there are other bullish metrics. For example, there are more and more Bitcoin addresses that are non-zero. Currently, there are more than 38 million Bitcoin addresses that have a balance near the all-time high in May. Ethereum is seeing the as well. Here, there are 60.7 million addresses, with a non-zero balance, reaching a new all-time high. Thus, the conclusion to be drawn from these metrics is that we are still in a bullish time.
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