On September 26, in accordance with glass knota cryptanalytic company, BTC’s Coin Days Destroyed (CCD) metric was at an all-time low.
This statistic implied that despite the bearish movement of the BTClongtime holders stayed put and hoarded their supply.
Clearly, long-term Bitcoin HODLers have renewed their faith in the King’s Coin, and it’s possible they’re expecting a positive turn in the future.
Additionally, coins older than three months accounted for an all-time high of 86.3% of all USD wealth held by the BTC supply.
There are also other factors that indicate an increase in investor interest in HODLing Bitcoin.
As can be seen in the image below, the graph showed a drop in the number of active addresses over the past few days. This somewhat suggested a decrease in the number of transactions on the Bitcoin network.
Additionally, the decreasing velocity of the coin indicated that there was less movement of Bitcoin through different wallets.
Even though long-term Bitcoin holders seem optimistic about the future of the coin, there are some factors investors should consider before jumping into a trade.
Bitcoin’s MVRV ratio has been in the red for the past few weeks, further bearish movement cannot be ruled out.
Additionally, there has been a massive drop in Bitcoin exchange outflows. It just means that there has been a sharp drop in interest from retail investors to buy BTC.
That being said, Bitcoin mining earnings have depreciated by 29.95% in the past seven days. And, its average difficulty has increased by 13% over the course of the last month.
Well, at the time of writing, Bitcoin was trading at $18,783 after depreciating by 1.37% in the last 24 hours. It remains to be seen whether Bitcoin HODLers will make a profit in the next quarter.