glassnode: BTC holders’ behavior seems to be returning to a holding and hoarding mode

BlockBeats news, on August 14, the encrypted data analysis platform glassnode published an article stating that "after several months of relatively heavy selling pressure, the behavior of Bitcoin holders seems to be returning to the mode of holding coins (HODLing) and hoarding. Spot market activity shows that there has been a clear bias towards seller pressure recently, and this pressure has not yet completely subsided. Compared with the breakthrough of historical highs in past cycles, a relatively large proportion of network wealth is currently in the hands of long-term holders. Overall, on-chain conditions show a high-conviction tone among the Bitcoin holder community.

As the market began to gradually recover from last week's sell-off, there was obvious uncertainty and indecision among digital asset investors. However, when analyzing investors' on-chain reactions to these volatile market conditions, the trend of holding coins (HODLing) began to emerge.

Since the price of Bitcoin hit an all-time high in March, the market has experienced a period of extensive supply distribution, with wallets of all sizes participating. In the past few weeks, this trend has shown early signs of reversal, especially with ETFs.

The Accumulation Trend Score (ATS) indicator assesses the change in weighted balances in the market. The indicator also indicates that the market is shifting towards accumulation-led behavior. The above-mentioned shift towards accumulation caused the ATS to record its highest possible value of 1.0, indicating that there has been significant accumulation behavior in the past month.

Despite difficult market conditions and high volatility, long-term Bitcoin holders have remained steadfast in their conviction and there is evidence that they are increasing their hoarding behavior.

Compared to the historical highs of previous cycles, this group of investors holds a higher percentage of Bitcoin network wealth, indicating that investors are showing some patience and waiting for higher prices. In addition, despite the largest price declines in this cycle, this group of investors has not panic-sold, highlighting the resilience of their overall conviction.