Data on the chain shows that people are holding Bitcoin despite falling prices

The latest data from the analytical company Glassnode showed that people spent the last few months of 2021 holding their Bitcoin.

And according to various on-chain metrics, this trend should continue in the coming months.

Even the fall of Bitcoin below $ 48,000 cannot shake these diamond hands

After reaching its highest level of nearly $ 69,000 in history in early November, Bitcoin is in a slight and steady decline, ending the year at a volatile $ 45,500. And while he managed to recover slightly at the beginning of the week, he is still showing no signs that he will soon break through the crucial $ 50,000 resistance.

BTCUSD2022
Graph showing the price of Bitcoin from November 2021 to January 2022 (Source: CryptoSlate TradingView)

However, the fall in the price of Bitcoin did not cause a mass sale. According to the latest data from the analytical company Glassnode, an increasing number of people keep their bitcoins and do not plan to sell them in the near future.

In the past week, more BTC came out of the exchange than in, resulting in a negative net flow of over $ 425.6 million.

The number of transactions Bitcoin’s stock market placement was also significantly reduced, reaching a 3-month low of 2,390 on January 2.

btc foreign currency deposits
BTC number of foreign currency deposits (hourly chart, 7d MA)

Overall number of transactions on the Bitcoin network also reached a 4-month low of just over 10,000 in early January. It seems that the trend will continue its downward trajectory, the data showed.

btc transaction number
BTC number of transactions (hourly chart, 7d MA) (Source: Glassnode)

And while more and more bitcoins seem to be standing still in recent weeks, the overall walking trend is nothing new. The amount of supply that was last active between one and two years ago, it reached an annual high of over 2.3 million BTC on January 3rd. which means that over $ 110 billion worth of Bitcoin has not been touched for at least a year.

btc supply last active
BTC bid amount last active 1g-2y (hourly chart, 1d MA)
Published in: Bitcoin, Analysis
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