Bitcoin "HODLers" Unleash Record Spending Spree: $10.6 Billion in BTC Moved
Long-term Bitcoin investors, affectionately known as "HODLers," have recently accelerated their spending, culminating in the single largest daily outflow of the year. On a recent Friday, a staggering 97,000 BTC, valued at an impressive $10.6 billion, was moved, marking a significant shift in the market. This surge in activity suggests that even the most committed holders are reacting to current market conditions.
The Driving Force Behind the Major Outflow
On-chain analytics firm Glassnode highlights that this heightened activity comes from Bitcoin long-term holders (LTHs), defined as those who have held their coins for over 155 days. Historically, these entities are known for their strong conviction and reluctance to sell. However, the recent spike in LTH spending, particularly evident in the 14-day simple moving average of Bitcoin volume spent, indicates a notable increase in their transaction activity. This surge coincided with a recent decline in Bitcoin's price, leading some analysts to speculate that these "diamond hands" might be taking profits as they perceive the current bull run potentially winding down.
Age of Coins Reveals Key Contributors
A deeper dive into the LTH cohorts reveals that Bitcoin held for 1 to 2 years contributed the largest portion to this massive spending event, accounting for approximately 34,500 BTC. Other significant contributors included coins held for 6 to 12 months and 3 to 5 years, each adding around 16,000 BTC to the total outflow. While the overall LTH transaction volume remains below the peak levels seen in late 2024, the concentrated nature of this recent spike underscores a tactical move by experienced investors.
Bitcoin's Price Resilience Amidst LTH Activity
Despite this substantial selling pressure from long-term holders, Bitcoin demonstrated resilience. After dipping towards $107,000 over the weekend, the cryptocurrency quickly rebounded to trade around $109,500 at the start of the week. This recovery suggests underlying market strength or renewed buying interest, even as some established investors opt to secure their gains.
