Bitcoin’s ‘liveliness” drops to its lowest level since 2021, according to a new 5-year BTC Hodl record

Long-term Bitcoin ( BTC] holders are slowing down, as a record amount of BTC supply remains dormant for many years.

Glassnode data confirms that the supply is now more stable than ever for at least five consecutive years.

2017 BTC buyers are not this year’s vendors

Bitcoin has recouped almost 40% since its macro lows at $17,600 two months ago. But for the cryptocurrency’s diamond-hands, it was a non-event.

BTC buyers who bought it in 2017 and earlier are still holding on to their stakes. The trend is for more hodling in the recent times.

Long-term holders are not content with the reversion below the 2017 highs at $20,000, as they remain committed to not selling the data from Glassnode.

The percentage of BTC supply that has remained in its wallet for more than five years was at an all-time record 24.351% on Aug. 18. Since 2017, almost a quarter of the 19.12million BTC circulating supply have been removed from the market.

Annotated chart of Bitcoin 5-year-old hodled coins Source: Glassnode/ Twitter

Despite recent sell-offs among institutional investors being a major feature of the past months, it seems that hodlers are not affected by current narratives.

Cointelegraph previously reported on Bitcoin’s HODL waves metric, showing a similar story with slightly “younger” coins that were hodled for a year or more.

Not so live

Similar stories can be found in Bitcoin’s “liveliness”, a calculation that considers hodler behavior and which reached its lowest level since 2021.

Similar: Bitcoin prices rise above $23.5K following the highest EU inflation in history

Tamas Blummer coined the term “liveliness” and it is a score between 1 and 0. It can increase or decrease depending on how much hodler-selling is taking place.

Glassnode summarizes as “the ratio of Coin Days destroyed and all coin days ever created”. The “days” refer to days that have been dormant and not moved around the network.

Blummer stated that “It is evident that Liveliness rises (and HODL declines) during times of Bitcoin price increases” in a dedicated introduction on the Liveliness metric, published in late 2018.

At 19-month lows now, Liveliness indicates an increasing desire to hodl across all aspects of the Bitcoin network.

Bitcoin Liveliness chart. Source: Glassnode

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Opinion writer on 7trade7