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Around 75% of circulating Bitcoin has remained untouched for over six months, signaling a robust holding trend among investors, according to Glassnode’s HODL Waves chart. This figure marks a significant increase from last week, where only 45% of Bitcoin had remained unmoved for the same period.
The large proportion of dormant Bitcoin suggests a decreasing supply available for trading, which could potentially push prices higher if demand continues to rise. Despite Bitcoin’s recent price dip of over 10% in the past month, the cryptocurrency has still seen a 12% surge over the last six months, hovering around $58,000.
While the holding pattern is a positive sign for long-term investors, a CryptoQuant report highlights a potential risk of miner capitulation due to squeezed profit margins. However, if demand remains strong, the reduced liquid supply could still work in favor of Bitcoin’s price recovery.
