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Bitcoin's Hodl Culture: Nearly $100 Billion Worth of Bitcoin Has Not Moved

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Despite Bitcoin's continued depreciation in the second half of 2019, with its price dropping from a yearly high of $13,800 in June to $6,600 by the end of the year, the latest data shows that the amount of Bitcoin held by Hodlers has steadily increased over the past year.

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The Hodl Culture of Bitcoin

Crypto analyst Rhythm pointed out on Twitter that there are over 12.58 million bitcoins that have never been moved, accounting for nearly 70% of the total circulating supply of Bitcoin, with a value of almost $100 billion.

Rhythm commented:

The act of long-term holding of Bitcoin is definitely bullish for the market. As time goes on, it means fewer bitcoins are being traded in the market, which is equivalent to reducing the market supply. According to the law of supply and demand, a significant increase in the number of unmoved bitcoins will eventually lead to an increase in the price of Bitcoin.

Hash Rate Reaches New High

In addition, in line with the rising trend of Bitcoin mining hash rate, according to on-chain data in the past 7 days, the Bitcoin hash rate has sharply risen from 93EH/s on December 30 to 106EH/s on January 5, and today it has reached a historical high of 120EH/s, surpassing the previous record of 114EH/s set in October.

Source: blockchain.info

Overall, the trends of Hodling and mining hash rate indicate that both miners and investors believe that the price of Bitcoin will increase significantly in the future. With the continuous increase in the amount of Bitcoin held by various participants, the market seems to be waiting for a new bull market to emerge.

Further Reading

  • Is HODLing Profitable or Not? A Review of the Biggest Gains and Losses in Cryptocurrency in 2019
  • Former CTO of Coinbase: Ethereum and Bitcoin Are Already "Too Big to Kill"

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