Sharp decline in HODLed Bitcoin as price reached $70,000 
Onchain Highlights
DEFINITION: Lost or HODLed Bitcoins indicates moves of large and old stashes.
Bitcoin’s HODLed or lost coins have displayed notable fluctuations this year. Data from Glassnode shows a sharp decline in HODLed or lost coins around late May 2024, coinciding with Bitcoin’s price surge to roughly $70,000. This drop, from approximately 7.95 million BTC to around 7.7 million BTC, suggests a significant movement of long-dormant coins into circulation, possibly indicating profit-taking by long-term holders and movements from Grayscale wallets.
Historically, as seen in the second chart, similar patterns occurred in late 2017 and early 2021, when spikes in Bitcoin’s price led to reduced levels of HODLed or lost coins. This trend highlights the correlation between Bitcoin’s market price and the activity of long-term holders. As Bitcoin’s price fluctuates, monitoring the HODLed or lost coins metric provides valuable insights into market sentiment and potential future price movements.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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