A new ATH, over 48,25% of holders have not moved their coins in over two years. Showing the conviction of long-term holders even in a bear market.

Bear Markets are always some massive tests of conviction for all the holders, testing their limits and patience. But on the other hand they are usually the exact kind of entities that do not sell even in a bear market and no matter how deep we go. This can be shows from basic on-chain metrics that shows what percentage of the total circulating BTC supply did not move over a certain period of time.

Typically, in bear markets this metric hits new records as probably the levels are too low for many too sell or they are actually convicted enough to not get hindered by some short-term noise. The simple metric here is usually the Long-term holders metric which shows the percentage of BTC supply not moved in one year.

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[From DocumentingBTC on Twitter](https://preview.redd.it/0bn97okmd8ea1.jpg?width=861&format=pjpg&auto=webp&v=enabled&s=b0210039695b924b4b49c3f9767ac4c2ed544020)

But with such metrics that are meant to demonstrate the power of long term holders, I think it is smarter to use even larger time frames to actually show some convicted people that have not even sold over a whole bull market and not even now in this bear market. As the current holders from two years ago bought just at the start of 2021 and held through the whole bull market and possible 3x returns to now this bear market but still did not sell.

​

[From Glassnode](https://preview.redd.it/0ig8l3nsd8ea1.png?width=1199&format=png&auto=webp&v=enabled&s=fce6d1514039b073f18f37977db3e23c84aa7e36)

As we can see, the one-year metric has hit a new ATH at 85% but also the two-year metric has hit a new ATH at over 48,25%, showing some big conviction from people that even bought during a bull market, missed some big gains and now have to sit in losses. If they can withstand this bear market, surely we can too.

#ATH #holders #moved #coins #years #Showing #conviction #longterm #holders #bear #market

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workinkindofhard

Why would I sell now?

I’m down a ton but never pit in more than I was ok with losing completely. If I lost it all it would suck but wouldn’t break me but If I sell at a loss and miss out on the next run I would hate myself. For me at least there is zero upside to selling right now

StamInBlack

Or they just lost their seed phrases.

ABena2t

either that or there’s a lot of lost keys

Whole_Visible

The more people sell off the more concentrated long term permabull the community is comprised of

grubbygeorge

Yeah it’s not conviction. I’ve just written off everything I ever invested in crypto as a loss and moved on. No point in even selling for what little it’s worth at this point. So the worst that could happen by holding that some of it is worth something at some point. I doubt it, though.

meeleen223

48.25% are not selling low,

we need to show them our buy high sell low strategy

Cartographer345

All it took was 4 cycles but we finally figured it out 😎

CommunityQuirky6073

More people are finally beginning to understand that the only reliable way to get profit in crypto is to DCA and HODL

coinsRus-2021

Proud to say I am one of these people

Just accumulating

UCMeInvest

Bruh, I honestly don’t even know HOW to move them lol

Burrito_Loyalist

It’s not conviction. It’s desperation.

Even_Lawfulness_912

Lol pretty bad for an asset class that is based on hype

French_baguette50

Maybe CEXS and lending platform have a role into this ?

Odysseus_Lannister

Screw Diamond hands, these hands will let go of my coins when you can pry them from my cold, lifeless fingers

PessoaHeteronimo

Hodl is the way

ACShreds

How many of those addresses are lost keys I wonder.

kirtash93

After so long it is no longer worth selling. HODL and DCA until the storm passes.

InvestAn

Only move I’ve made is from a CEX to cold storage.

ThatOtherGuy254

That or people are just lazy now.

mesutdmn

I assume some of the holders are already dead.

vjeva

Ok guys, lets do 69% by end of 2023!

zillapz1989

No I just lost my seed phrase.

deathbyfish13

>As we can see, the one-year metric has hit a new ATH at 85% but also the two-year metric has hit a new ATH at over 48,25%

We’ve had one ATH yes, but what about second ATH?

dogheads2

Conviction, or just to stubborn to take a loss?

step11234

Not the ATH we want, but perhaps the one we need right now

ahabraken

Another year and I’m one of them 😉

RBTropical

Or that many people bought below current market numbers

ElegantShelter7947

Cool, cool, cool, cool, cool, cool, cool, cool, cool, cool, cool, cool, cool, cool, cool

EdgeLord19941

That percentage will probably rise forever, until people fight over the last BTC

FldLima

I keep reading about these new records marks etc, hopefully it translates to a new ath.

Novel-Counter-8093

learn from them, they are the truly patient. i bet they just dca slowly

whiteycnbr

How many just shuffled due to ftx

poullange97

I don’t agree. That is a messed up statistic. What if I moves my coins from exchange to a ledger?

BitSoMi

Bagholders

Tatakae69

I think we need to check the amount of people who got jailed the past 2 years too. *Forced diamond jail hands on the rise?*

Cptn_BenjaminWillard

Or many of them are dead.

But hopefully not.

Nzm_One

I think the amount of lost BTC are much higher than ppl expect it.

anotherwave1

People are very slowly learning to hold it in order to sell to someone else for a higher price down the line.

The past is not indicator of the future, but in this sphere, there’s been a definite pattern, and then can become a self fulfilling prophecy, especially when prices are so determined by herd psychology. 2013 was the first real headlined “bull” for crypto, then it went down for a few years after that. Many thought that was it, but then there was another headlined bull in 2017, a massive one. Likewise, it crashed heavily and went down for a few years after that. Surprise, surprise, in 2021 there was an enormous bull run. People are catching on to this, especially if they are underwater, they see there’s a possibility they can hold through this and sell at a profit to someone else IF there’s another wave of hype and more new layers of people to push prices up

It’s just a big casino, all the money is ours, we are all just exchanging it with each other, while the house (coin devs, exchanges, etc) takes their cut.

mad_dog_94

its the same lesson the stock market taught the boomers. buy something when its low and hold it as long as you can. youre far more likely to make a profit long term as opposed to the generic buy low sell high thing everyone says to do but is basically impossible in practice

Zealousideal_Neck78

Yep, Doge coiners with 25 dollar portfolios.

Repulsive_Music7242

I think majority of those coins are lost forever which reduces the total supply and makes the hyperbolic pump even more powerful

krfc89

huge conviction or noone wants to sell at 70% loss lol

boomdeyada88

i haven’t moved mine in 6 years now, just keep adding

CymandeTV

I’m a believer

biddilybong

Or scared to look

turtle-wins

Once you have enough, you can spend as needed but your buying power keeps going up. It’s like holding but your pool of funds doesn’t run out very fast.

interdisciplinary_

I’m just too lazy to sit down, log in to all the things, and have a panic attack over if I copied the transfer address correctly.

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