Since the cross-asset crash of March 2020, when BTC/USD fell to lows of $3,600, the percentage of the BTC supply that last moved between February 2016 and February 2018 increased from 5.57% to 13.38%. In other words, the uptrend in price during 2019, much of 2020 and all of 2021 has not made 2017 bull run investors sell after surviving the multi-year bear market. By contrast, the five to seven-year and seven to ten-year hodl crowd has been reducing its presence over the past year.
The data counteracts an informal narrative still found online which claims that Bitcoin breaching $20,000 for the first time since 2017 last year triggered a mass sell-off from investors desperate to exit at parity or with a modest profit. As Cointelegraph reported, subsequent gains produced limited selling beyond the whale investor crowd, with any price drips aggressively bought up. HODL Waves likewise confirms that appetite for Bitcoin has not been dented by price rises beyond $30,000, $40,000 and even $50,000. A separate cohort, those who bought before 2011, is meanwhile similarly responsible for a larger amount of the supply. Since March 15, 2020, their share has increased from 6.85% to 10.24%.