A new report by on-chain analytics provider Glassnode shows that the majority of long-term Bitcoin investors are “HODLing” their coins. 

In the March 15 issue of Glassnode’s “The Week On-Chain” report, the analytics firm classifies Bitcoin holders into two groups:

In general, we make a distinction between Long Term Holders (LTH), those who own coins older than 155 days, and Short Term Holders (STH) owning coins younger than 155  days.

Glassnode says that according to their research, which looked at “the age of spent outputs”, they found that “more than 95% of spent outputs are younger than 3 months old (white space at the top are coins older that 3 months).”

It goes on to say they assume that LTHs are “reasonably knowledgeable about the Bitcoin protocol and have high conviction in the asset”, while STHs are “more likely to be newer market participants and traders moving value between exchanges.”

This leads Glassnode to believe that “as bull markets carry on, LTHs will transfer some portion of their BTC wealth to STH whilst some STH will ‘stack sats’ and hodl their coins to eventually mature into LTHs.”

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