Bitcoin is being held very tightly, which is what we have seen right before major rallies
HODLers are doing something even better than they normally do...
They are HODLing on for dear life.
We already saw that the majority of BTC hasn't moved within the last year, 61% to be precise...
@jrcornel/more-than-61-of-the-total-btc-supply-hasn-t-moved-in-over-a-year-same-setup-we-saw-in-2016
And now we are seeing that so far in 2020, it's being held even tighter than it was previously.
Year to date, 73% of BTC hasn't moved...
(Source:
)https://twitter.com/n3ocortex/status/1277977417714286603
- n3ocortex
BTC is a raging bull market just looking for a spark...
Based on those percentages above, that means roughly 13.5 million BTC hasn't moved since last year.
This is similar to what we saw at the start of the last major bull market rally where BTC started to be held more and more firmly.
The sellers basically dry up and the rest are just hodling.
Keep in mind that this time around, a large portion of that is likely the Bitmex Insurance fund, but no matter how you slice it, a large portion of BTC is locked up and being held by strong hands.
All it will take is a little demand coming in and the price will move up from current levels rather easily.
Stay informed my friends.
-Doc