Bitcoin Hodlers Stand Strong as Supply Dormancy Reaches All-Time High

According to the latest data provided by on-chain analytics firm Glassnode, the dormancy of Bitcoin's supply has soared to unprecedented levels. Recent tweets from the firm have unveiled a remarkable statistic, revealing that approximately 40.083% of Bitcoin's total supply has remained inactive for a period exceeding three years. This milestone sets a new record in the history of the leading cryptocurrency, signaling that a substantial portion of Bitcoin holders have steadfastly refrained from moving their assets, despite the notorious price volatility inherent to the Bitcoin market.

Supply dormancy serves as a vital metric used to assess investor behavior and sentiment within the crypto space. Its measurement hinges on the duration for which Bitcoin has remained in a wallet without being traded or transferred. Consequently, the longer the duration of dormancy, the higher the corresponding supply dormancy.

When supply dormancy is high, it typically indicates a prevailing hodling behavior among Bitcoin holders, colloquially known as "hodlers." These individuals confidently retain their Bitcoin holdings, even amidst the ebbs and flows of the market, as they anticipate long-term price appreciation. The prevalence of high dormancy underscores the conviction of hodlers in the enduring value and potential of Bitcoin as a store of wealth.

The Rise of Wholecoiners: 1 Million Addresses Now Holding Whole Bitcoin

The Bitcoin community has recently witnessed a fascinating trend: the emergence of an increasing number of "wholecoiners." These are Bitcoin addresses that boast a minimum holding of one whole Bitcoin (BTC). Notably, Rafael Schultze-Kraft, the co-founder of Glassnode, shared an insightful tweet revealing that the number of such addresses has surpassed a significant milestone, reaching 1 million.

This growing phenomenon suggests that an expanding cohort of individuals and entities is actively accumulating Bitcoin, undeterred by its elevated price point. Owning an entire Bitcoin is considered a noteworthy achievement within the cryptocurrency community. With the total supply of Bitcoin strictly capped at 21 million, possessing a whole coin translates to holding a substantial fraction of a finite asset. The concept of scarcity inherent in Bitcoin's design further enhances the allure of possessing a complete Bitcoin, effectively elevating it to the status of a coveted symbol among cryptocurrency enthusiasts.

Additionally, as Bitcoin's price has surged over the years, owning a whole Bitcoin has become financially unattainable for many. This fact amplifies the significance of reaching the milestone of 1 million wholecoiner addresses, as it demonstrates the resilience and determination of individuals who have managed to secure a substantial Bitcoin holding in the face of formidable financial barriers.