Hodlers' Bags Continue to Grow - The amount of BTC owned by addresses holding for over one year just set a new all-time high
Bitcoin hodlers now own over two thirds of all circulating supply.
Following the BTFD mantra, this group of addresses typically increases their holdings in the bear market, as we saw in 2022.
If history rhymes, this group is unlikely to start selling their holdings until we reach close to the previous all-time high ($69,000).
This points to Bitcoin's scarcity as the majority of long-term holders have been historically unwilling to sell shortly after the bottom.
