Bitcoin bulls refuse to sell at $40,000

Bitcoin (BTC) investors are holding on to their BTC, which is currently trading at $40,000, even if they bought it at a lower price in 2021.

On-chain tracking resource Glassnode revealed in its June 14 report that investors who bought BTC in the early months of this year refused to cash out.

The number of new coins is decreasing

Bitcoin has spent the last weeks with low volume and in the range of $ 30-41 thousand.

Although there has been a slight volatility in recent days, there is little opportunity to profit under current conditions.

Glassnode claimed that the indicator HODL Waves, which shows the historical rates of the last movement of Bitcoin supply, clearly demonstrates this situation.

The HODL waves confirm that the Bitcoin supply is aging due to low volatility and few investors are selling.

“Not only do we see a decrease in the number of very new (more than 1 month old) coins due to low on-chain volume, we also see the rate of 3-12 month old coins gradually increasing,” the researchers explained.

“These coins are cryptocurrencies accumulated during the 2020-2021 bull market.”

Bitcoin HODL waves chart. Source: Glassnode

In the current situation, even cryptocurrencies that have made significant percentages of profit remain silent.

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