Bitcoin HODL Waves: 2020 bull market buyers now control 16% of supply
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Bitcoin HODL Waves chart. Source: Look Into Bitcoin
Speculators on the back foot
The group which contrasts with LTHs — the short-term holders (STH) or speculators — has by contrast upped profit-taking over the past week.
Related: Bitcoin is up 170% since the ECB called its ‘last gasp’ at $16.4K
As Cointelegraph reported, Bitcoin passing $40,000 triggered a snap sell response from these entities, which sold off $4.5 billion of BTC in a matter of days.
This had little impact on spot markets in an environment where LTHs already controlled more of the supply than ever before.
Per data from on-chain analytics firm Glassnode, the figure stood at 14.92 million BTC as of Dec. 6 — slightly below all-time highs of 14.95 million, or 76.3% of the supply, seen on Nov. 28.
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