Bitcoin ‘hodl’ (holding) levels have reached 2016 levels, according to crypto analysts.- According to trends, these ‘significant hodling’ levels were seen just before the $20,000 bull run in 2017.
- Support from well known hedge fund manager Paul Tudor Jones could also be one of the reasons behind Bitcoin seeing significant hodling activity.
- In the last three months, the value of Bitcoin has increased by more than 80% after the massive 37% single-day crash on March 12.
What is hodling?
According to Bitcoin analyst Phillip Swift, 60% of all the Bitcoin (BTC) available has not moved in the last one year – essentially, this 60% of the cryptocurrency has not been traded at all. This is known as ‘hodling’ – a term that means holding but is spelled as such due to a typing error.
“60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run,” $4 Swift.
This hodling activity was seen before the $20,000 bull run in 2017
According to analysts who watch Bitcoin, this significant hodling activity in Bitcoin was previously seen before the $20,000 bull run in 2017.
In fact, in the last three months since the massive 37% crash on March 12, Bitcoin has recovered by more than 80% to cross the $9,000 level.