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Bitcoin's Blockchain Data Offers Evidence of Continued Investor HODLing During Bear Market
The percentage of bitcoin UTXOs older than five years has surged in the past six months, indicating that some investors held on to their coin stash during the bear market.
If you have been following Crypto Twitter for some time, you have probably seen several tweets claiming continued holding by some investors during last year's bear market. Now we have the evidence.
- Bitcoin's HODL Waves indicator created by Unchain Capital and tracked by Glassnode shows that the percentage of unspent transaction outputs (UTXO) older than five years has increased by 17% in the past six months.
- The HODL Waves indicator tracks the UTXO age distribution. UTXO is the amount of cryptocurrency someone has after executing a transaction. Every BTC transaction creates a UTXO. Its age indicates the block it was first included in and the last time the said bitcoin was moved.
- So the latest sharp rise in the percentage of UTXOs older than five years indicates aging of unspent outputs, a sign of some investors maintaining their coin stash during the market swoon.
- Joe Burnett, head analyst at Blockware Solutions, called the aging of UTXOs a bullish development, in response to a tweet by Capriole's founder Charles Edwards referring to the UTXO data as proof of long-term holders accumulating coins at the fastest pace in eight years.
- Bitcoin traded near $23,100 at press time, having rallied nearly 40% last month, per CoinDesk data.
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UPDATE (Feb. 1, 2023, 11:05 UTC): Updates headline for clarity.
CORRECTION (Feb. 1, 16:06 UTC): Corrects spelling of Joe Burnett's name and title of Capriole's Charles Edwards.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
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