HODLing mentality has taken over Bitcoin holders lately as they looked to consolidate and increase their stashes.
For the uninitiated, Liveliness is the opposite of HODLed Bitcoins. Therefore, a lower Liveliness implied that LTHs were accumulating heavily. A higher liveliness, on the other hand, would indicate that the cohort was aggressively selling their assets.
Liveliness metric swings between the two extremes of 0 and 1. As evident from the above data, Liveliness has been in a steady downtrend since thecollapse last November. Notably, this was also the peak of 2022’s crypto winter when Bitcoin fell below $16,000. It made economic sense for most holders to abandon trading activity around this time.
However, despite a spirited price rebound in 2o23, the HODLing sentiment has only grown stronger. Bitcoin’s resilience during the U.S. banking crisis in March, insulation from U.S. regulators’ hawkish gaze, and theInvestors’ lack of willingness to sell BTC was also exemplified by the token’s growing dormant supply. Most age bands recorded an uptick in HODLing activity.
Noticeably, the portion of Bitcoin’s supply held for at least two years reached 56% while the stashes which haven’t been transacted on-chain for at least three years hit 40%.Interestingly, some of the recent acquirers of the coin also exhibited hoarding tendencies. The coin supply which was older than six months but younger than 12 months shot up to a three-month high.Bitcoin also witnessed a significant decline in the transfer volumes settled on the network.
Cut to 2023, things have changed. On-chain evidence suggested that whales were stockpiling for the big game.relative size of the top 10 inflow transactions to total inflows on an exchange, showed a reading of 0.42 at the time of writing. In other words, of the total inflows to the exchanges, the share of whales was just 42%.Whales’ reluctance to bring their holdings to exchanges affected the overall count of on-chain exchange deposits.
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