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Crypto HODLers Stash Bitcoin Worth $1.35B Each Month, Onchain Data Show

The continued accumulation shows tightening supply and a widespread reluctance to transact, according to Glassnode.

By Omkar Godbole|Edited by Sandali Handagama
Updated Oct 11, 2023, 10:29 a.m. Published Oct 11, 2023, 9:45 a.m.
bag of coins
(DizzyRoseblade/Pixabay)

Long-term investors continue to buy up bitcoin [BTC] at a brisk pace, contributing to market illiquidity, data by blockchain analytics firm Glassnode show.

The HODLer net position change metric shows long-term investors or wallets with a history of holding coins for at least 155 days have been accumulating 50,000 BTC ($1.35 billion) per month.

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The total number of BTC held by long-term holders has reached a new all-time high of over 14.859 million BTC, amounting to 76% of the cryptocurrency's circulating supply.

"Over +50k BTC per month are currently being Vaulted by HODLers, suggesting both a tightening supply and a widespread reluctance to transact," Glassnode said in the latest weekly report, adding that the market is experiencing a sustained regime of coin dormancy.

Dormant coins are those that haven't been spent on-chain over a given period. Increased coin dormancy means coins are being held for longer periods of time in an illiquid state.

In other words, it indicates a relative weakness of supply-side pressure in the market and the potential for an exaggerated price rally.

The metric tracks buying/selling activity of addresses controlled by entities known to hold coins for at least 155 days (Glassnode)
The metric tracks buying/selling activity of addresses controlled by entities known to hold coins for at least 155 days (Glassnode)

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Trump-linked WLFI's Zak Folkman teases forex platform at Consensus Hong Kong

Ni Sam Reynolds|Edited by Omkar Godbole
1 oras ang nakalipas
Zak Folkman speaks at Consensus Hong Kong (CoinDesk)

Folkman says more details will be revealed soon at an event at Mar-a-Lago.

Ano ang dapat malaman:

  • World Liberty Financial, a Trump-family-linked crypto project, plans to launch a foreign exchange platform called World Swap as part of its USD1 stablecoin ecosystem.
  • Co-founder Zak Folkman said World Swap aims to simplify cross-border transfers and challenge traditional remittance providers that charge fees of 2% to 10% per transaction.
  • The company is building a broader financial stack around its cash-backed USD1 stablecoin, including the recently launched World Liberty Markets lending platform, which has attracted hundreds of millions of dollars in deposits.
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