Bitcoin Forum

Data have shown how more than half of bitcoin circulating supply have not been moved from their host wallet since the bitcoin deep of 2018, this has shown great length how die hard holders can go a long way down the road without moving their bitcoin from one wallet to another or to exchange despite the current bitcoin market price.At this moment those wallets have done 17× profits and still, the long-term holders (LTH) are not given up on the race to becoming the steel hands, bitcoin holders.Credit:https://news.bitcoin.com/btcs-hands-of-steel-37-bitcoins-supply-hasnt-moved-2017-55-sat-idle-2018s-bottom/

It is a good thing that they are hodling because this means that the supply is slowly going lower and with that the demand increases because of the low supply. I am quite surprised that 55% of bitcoin hasn't moved, that is quite a lot of bitcoin for it to not moved, they might have included the lost coins in this percentage.

In 2018 during a bear market the only option was to HODL even though a lot of people
panicked ans sold out making a loss after buying in the previous year at high prices.

We who held our Bitcoin are being rewarded no for the work of Holding and adding
cheap Bitcoin and Satoshi's.

The strategy of HODL also works in Bull markets.

It is clear that the data shows a trend but we must not forget that there are many Bitcoins that do not move, simply because the keys have been lost. Neither have they moved recently nor will they ever move. Some estimates put the number of lost Bitcoins as high as 4 million. If we take this into account, we would conclude that the Bitcoins that can be moved and have not been moved since 2018 are 33%.

Is that bad or is it good? Can't decide it

Good if you're more of a "bitcoin is for store of value" guy.

Bad if you're more of a "bitcoin is for payments" guy.

Good if you think that people should just use bitcoin for whatever purpose they want.

They've hold it for more than 3 years now, I doubt that they are going to move it just because we have reach $60k. Those long term holders are either waiting for the right price to sell or they are really going to hold it for the next 10 years to give them a good profit that can sustain and have a good life in the future.

There even a data that there are less crypto investors holding their bitcoin in an exchange and moving it on a wallet that they have total control. Sign that we in still in the bullish phase.

They are experience guys so expect this to be happen but I just wondering on how those guys can able to hold their patience since even at this point they already earn so big and imagine how lucky they are if bitcoin price reached at triple digit. Hopefully manipulators won't use this news if they start to move their bitcoins on open market.

Be more accurate in your figure according to the statistics  37% not 33% as you put and the total amount is $7 million against the $4 million you stated here.Although the data comprises both active and inactive wallets, if you do your math very well you will still arrive at a significant percentage of active wallets holding their bitcoin compare to the inactive wallets.

What I find strange about the article is that it uses as a heading a conclusion that seems to be draws from early March 2020 (see https://medium.com/glassnode-insights/breaking-up-on-chain-metrics-for-short-and-long-term-96337cc0cf6d).  Assuming the conclusions are from data that is at least 2 weeks old, bitcoin was around 10K at the time, and with the current price, things are bound to have changed.

Furthermore, the heading is derived from this quote:
The bolded statement confirms what I said time wise, and points to the conclusion being from around early 2020.
The article does juggle some 2021 data in certain places, and honestly, I don’t follow it all, but the opening heading seems stuck in time, and does not account for recent events.

To be honest, I really salute them for not moving their bitcoin from a long time ago and still had that bitcoin. It is really hard to hold this time, especially since the bitcoin price now is $50k. We do not know who they are, and although we can still see how many bitcoins in the wallet, that will be a mystery to us to know the owner. But I do not want to know who they are since that can be any one of us who still keeps that bitcoin on that wallet. Or maybe that people lost the keys, so they can not access the wallet.

If that's an accurate data, it is still known that many are not wanting to sell even if we're on the ATH. In that case, those wallets that haven't been touch for so long, the owners of it have the plan to hold for long term.

But what if bitcoin hits $100k? we will know if those wallets won't move a single bitcoin and will keep on holding it.

I assume that a big part of them have lost access to their wallets. ;D
Anyway,it's obvious that the army of HODLers are the main force behind the massive Bitcoin price growth.
Don't get me wrong,the institutional investors are pumping the Bitcoin price,but we would never reach 60K USD,if the circulating Bitcoin supply was higher and the HODLers were less.
How more people will be motivated to buy BTC and HODL in the long term,which means that less supply combined with increased demand is a guaranteed Bitcoin price to the moon. ;D

The whales wait for the exact moment to cash out thier profits in the market.The prices wer low in 2018 after the market crash of 2017 and Bitcoin was tumbling between $8-$9k and the only option available with them was to HOLD until the right time and 2020 pandemic give boost to the prices and now see they are above $60k and their funds increased 8-9 times from initial investment.It was good move on the other hand as it would contribute more to the panic selling at that time.The also know about supply becoming scarce day by day and they want to have large part of Bitcoin with them.

Steel hands? After only 2+ years and buying at that 2018 winter? Nah. You survive buying at one ATH and hold through a 90% "deep" and then you can apply for strong hands. It should have been really easy to buy in 2018 and hold on through the next two years, seeing as it would have been awesome figures (although credit for not panicking in March last year).

P.S. Anyone else notice the "deep" squad going around today? Or is it just my eye catching it more than it should?;)

Let us see this coming bear market that I expect 2022 or 2023, well, just how bitcoin cycles in the past and based on the s2f model. Though some argue that it wouldn't be the same as the 2018 bear market and how huge that markdown was, it's still questionable in its sense but everything can happen in crypto.

I am not sure about the integrity of this data but if it is true, it shows that people are considering bitcoin purely as an invest rather than a currency. So I believe what Mr. Nakamoto dreamed about bitcoin, is failed miserably! Because people are indeed considering it as an investment only!

So there's nothing to feel proud about! Not a great progress in anything rather than price!

You can never really blame them, knowing that they are already HODL-ing the right way, and that's always the best way to invest. Continuously buy no matter what the value the asset has. That has always been an effective way of investing. I hope that people would start to see the value of Bitcoin Holding as well. This is the new gold for everyone.

Expect everyone to have different needs and applications of BTC. At least this information is something I haven't expect to check. Maybe check also, even the older ones?

that way, the more bitcoins stuck in the wallet, the higher the potential price over time. Long-term holders like to hoard bitcoins for long-term provision. Given the scarcity and dwindling supply, they wanted to keep it longer. this is a huge hoard of bitcoins. We hope that as it gets out of hand, these long-term holders will be very satisfied in the future.

I think, real hodlers won't even care of $100k as they know the potential of bitcoin. If bitcoin hits 100k, all those wallet will be on more than 27x  within 3 years. Than, everyone can imagine where it'll go in the next 5 years, even there is a major possibility of a bear market. But at the end, bitcoin's movement will uptrend as it's never disappointed any hodlers ,even anyone buy it at the top pick on any bull run.

It was pointed out that the data might not account for 2021, so the situation might have changed. In case there were movements in 2021 that make the article obsolete, we're still left with a problem that people hodl their BTC for a long time without using it at all until the new ATH gets established, and they can profit from it. If the money remains unmoved, the situation is even worse because if the new ATH doesn't motivate people to use their coins, it is likely that they're not going to use these coins within the next few years. It's not bad per se, but it's bad for Bitcoin's future as money because money needs liquidity. I wonder if there's still such a future for Bitcoin...

Like it or not, and this may or may not be foreseen by Satoshi, but you can't have a decentralized asset/currency to be decently stable enough to be used as a day-to-day currency in it's first few years; And you can't get to the decently-stable stage without the traders and the speculators. Both kinds of users are essential in the price discovery stage of literally any asset.

And scalability is another thing, because layer-2s are not like "there" yet. Bitcoin simply grew too fast for the technology to adapt.

Which is expected to happen. They holded since 2018 which the price was below still $10,000. Now look at the price right now and it's going to increase further because of the demand in supply. In fact, they are helping with the price increase because they're trying to limit the supply of Bitcoin by holding and 55% isn't a something to laugh at.

Probably they won't and they'll aim to the next level which is going to be $1M. But $100k is already a high price to be considered of the price for taking profits and they're likely to do that but as we say, we'll know or we'll never know.

Yes, those people who buys at the peak and keep on holding it will definitely have no worries if the plan is to hold long term.

If coins haven't moved since 2018, it doesn't necessarily mean that they will never move. I got my first coins in 2012. I sold around 80% of the coins from that time, but the remaining 20% haven't moved since the time I purchased them. So these coins are also included in this figure (55%). I have two major targets - $100,000 and $250,000. Once these targets are achieved, I will be selling the vast majority of my coins.

Damnn thats a lot, i think they when the time comes he will sell it slowly.

17x profit is so big, i'm still lil bit confused why theres a lot of people can hold for such a long time like that.

Maybe i just too scared to take the risk a.k.a weak hand  :-\

We can assume they will sell at a high price, so they do not move the bitcoin before the price can reach it. They have a big patient to wait for their target price, while they can sell some parts on the other wallets because that will be more than enough for them to make a big profit if they sell it now. I am sure the bitcoin price will touch $100k and $250k someday, but you really need to hold your bitcoin tight and not panic. Maybe that can happen this year or next year.

It's a good sign that more and more people see Bitcoin as a store of value.

Now the data may had a massive change. After the rise of 60k$, huge new investors came in to picture. They may not involved in any of the 2018 market investment. So the circulation of 2018 and 2021 will made a huge difference. If the price of bitcoin had reached the value of 100k$.The transaction fee of bitcoin will crossed the value of 35-40$.

This really proves out that there are really those hodlers who doesn't really care on what is the current price that they are seeing in the market today.

Then what if those 55% of bitcoin circulating supply doesn't move? This do simply shows that most of them are holding and the half of it are actively
circulating throughout the market.

Its just a matter of preference though.

2018 was the bearish year and intelligent investors bought bitcoin at that discounted rate and start HODLING. If they still haven't moved the bitcoin this clearly means that whales are looking for something even big then that.