TL failure; DR:
- The number of HODLed or Lost bitcoins has reached its highest level in the last 5 months.
- An increase in BTC HODLed also reduces the supply of cryptocurrencies.
Glassnode cryptocurrency analysis platform has confirmed the increase in the number of HODLers in the Bitcoin market. A significant number of bitcoins have not moved in recent years, which is significantly due to stronger investors or the loss of coins.
HODLed or Lost bitcoin price increase
As Glassnode Was shared On Friday, the total HODLed or Lost bitcoin reached a high of 7,128,209,404 BTC, the highest level since March. The numbers plummeted to April, which partly explained why Bitcoin experienced a major correction after reaching its highest level on April 16, above $ 64,000.
The rise of HODLed or Lost Bitcoin indicates that investors are interested in retaining Bitcoin, and this shows where the next price will go. Shrinking this data, a separate report from Glassnode also confirmed an increase in the number of bitcoins that have not been transferred for at least a decade.
The chart below shows the number of HODLed or Lost bitcoins for at least ten years, which has maintained its uptrend over the past two or three years.
It is difficult to lose a few percent of bitcoins or be lost by HODLed investors. However, the data is considered bullish because it means that there will be less bitcoin supply in exchanges.
Bitcoin supply on the stock exchange decreases
Due to the increasing accumulation rate in the bitcoin market, more coins are being transferred from exchange offices, which leads to a widespread reduction in the total number of bitcoins held by cryptocurrency exchanges. Currently, there is a little less than 2.5 million BTC in exchange offices.
According to the chart, it is obvious that there is an inverse relationship between the price of bitcoin and the number of bitcoins stored in exchange offices.