Skip to main content

Bull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn’t Moved in a Year

Bull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn't Moved in a Year

According to the creator of the analytical bitcoin data web portal, Look Into Bitcoin, a chart often referred to as ‘Hodl Waves’ shows a bull run could be imminent. The web portal’s analyst Phillip Swift recently tweeted that 60% of all the bitcoin in circulation hasn’t moved in twelve months. The last time this trend took place was in 2016, months before the start of the 2017 crypto bull run.

60% of Bitcoin’s Supply Hasn’t Moved in Over a Year

Last March, news.Bitcoin.com reported on a research report authored by Coin Metrics analyst Jacob Franek, which said as of March 1, 2020, roughly 42% of all BTC has not moved onchain in more than two years. However, since then on March 12, 2020, otherwise known as ‘Black Thursday,’ the price per BTC dropped to $3,600 per coin. Using today’s exchange rates, BTC has risen 154% since Black Thursday and is currently trading above $9,100 per unit. The study from Coin Metrics highlighted that “Hodl Waves” have grown larger during the last few months. Essentially, Hodl Waves data analyzes the Bitcoin network’s UTXOs over the course of a few years and people like to measure distinct holding periods.

Phillip Swift, the founder of the BTC monitoring web portal Look Into Bitcoin has noted that 60% of the bitcoin supply in circulation has not moved in over a year. Swift tweeted that this typically signals a trend toward the beginning of a bull run, as it did in late 2016 and into 2017. Swift stated:

60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run.

Bull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn't Moved in a Year

Glassnode: ‘Realized Cap Age Bands Help Navigate Bitcoin Cycles’

Swift’s findings and the Hodl Waves chart he shared, shows that the 60 percentile has held steady for close to six months. Some traders have said that Goldman Sachs and Hedge fund manager and investor, Paul Tudor Jones’s statements have made crypto investors more bullish.

“It is the likes of Tudor and Goldman that can help drive the next big wave of inflows into crypto,” explained one individual on Twitter. “Not the unicellular bitcoin Twiteratti with their stack sats and hodl mantras — Hence why it is important to pay attention to what they say,” he added.

Bull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn't Moved in a Year

On May 26, news.Bitcoin.com also reported on the data firm Glassnode’s outlook, which noted that BTC was seeing some declining market health. 17 hours ago after Phillip Swift’s Hodl Waves tweet, Glassnode tweeted about a chart that shows BTC’s “realized cap Hodl Waves.”

“Instead of using Bitcoin supply by age, UTXOs in each band are weighted by their creation price,” Glassnode tweeted. “The resulting realized cap age bands help navigate BTC cycles, gauge market tops, and the start of bull markets.”

What do you think about the Hodl Waves charts and theories? Let us know what you think in the comments below.

The post Bull Run Imminent? Hodl Waves Chart Shows 60% of Bitcoin Hasn’t Moved in a Year appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2M5kzcJ
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more