The report notes the number of long-term Bitcoin bulls continues to increase, with many coins that have remained dormant since early in the current market cycle now being classified by Glassnode as long-term holdings, or LTH — coins that have not moved on-chain for at least 155 days. As a result, the number of coins being classified as entering into “illiquid supply” has surged in 2021. The Illiquid Supply Change metric has shown that the 30-day change in supply is moving from a liquid or readily traded state into an illiquid state representing HODLed coins.
The report observed that accumulation rates exceeding 130k BTC per month has been consistently maintained throughout this bull market. Glassnode’s Coin Days Destroyed metric, or CDD, also points to increasing hodling among long-term investors, with CDD suggesting seasoned investors are again realizing gains at a rate comparable to 2020 after a surge of profit-taking between November through January.