Below is the chart shared by the analyst that shows how the Bitcoin Active Supply has changed for a few different age bands over the last couple of years.<\/p>\n
![\"Bitcoin](\"https:\/\/pbs.twimg.com\/media\/Gc65_fRXIAAM0-Q?format=jpg&name=4096x4096\")
From the graph, it’s visible that the age bands on the younger side like 1 month to 3 months and 3 months to 6 months have been observing growth recently, which suggests the relatively recent supply has been churning as a result of the price surge. The older bands, however, have been more or less showing a sideways movement on this indicator.<\/p>\n
The chart displays all the Active Supply bands up to the 1 year to 2 years group stacked on top of each other, to showcase what percentage of the total supply that they make up for.<\/p>\n
It would appear that these Active Supply bands add up to 46%, meaning that less than half of the cryptocurrency’s supply in circulation has witnessed some movement within the past couple of years.<\/p>\n
The 2-year cut off currently sits in November 2022, when the last Bitcoin bear market reached a bottom. Given the trend in the Active Supply, it seems that the investors who bought during and prior to the bottom have largely decided to HODL.<\/p>\n
Interestingly, this is despite the fact that the asset’s value has seen an uplift of more than 500% since then. “HODLing isn’t just a meme,” notes the Glassnode co-founder.<\/p>\n
Statistically, the longer investors hold onto their coins, the less likely they become to participate in selling, so considering that 54% of the supply hasn’t seen movement for over two years now, it’s possible a lot of these holders would only continue to sit tight in the near future.<\/p>\n
![\"Bitcoin](\"https:\/\/i0.wp.com\/img.cryptoquant.com\/4545\/quicktake\/TxJQegjNr_a6cc28ca3cfc6b576fd666579a764279f4886a5106d46d1113f5d80b7e5643ff.png?resize=1280%2C720&ssl=1\")
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