War Couldn’t Make 1+ Yr Old Bitcoin Supply Budge As Hodlers Stay Strong

According to the latest weekly report from Glassnode, the BTC supply older than a year hasn’t shown much movement recently, suggesting that conviction remains strong among hodlers.
The relevant on-chain indicator here is the “revived supply last active 1+ years,” which monitors the movement in Bitcoin belonging to long-term holders.

A big spike in the indicator means a large amount of long-term holders have just moved their dormant supply. Such a trend is usually bearish for the price of the crypto as it’s usually a sign of dumping.
Below is a chart showing the trend in this BTC indicator over the past year.

Bitcoin Revived Supply Last Active 1+ Years

Looks like the indicator's value hasn't shown any significant upticks recently | Source: Glassnode's The Week Onchain - Week 9, 2022

As you can see in the above graph, the value of the metric has remained at pretty normal values over the past week. This is despite a world-changing event such as the Russian invasion of Ukraine breaking out.

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This means that there is still some strong conviction among the BTC long-term holders about the outcome of the crypto’s price.

Incidentally, there was a very large spike in the indicator just a few weeks back. However, it wasn’t because of long-term holders selling off their coins, but due to a movement of the coins involved in the 2016 Bitfinex hack.

The hackers who were involved in the hack decided to shift the Bitcoin all these years later, and just a week or so following the movement, they were found by the police and subsequently arrested.
BTC Price

At the time of writing, Bitcoin’s price floats around $44.6k, up 19% in the last seven days. Over the past month, the crypto has gained 16% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to have observed a sharp surge over the past couple of days | Source: BTCUSD on TradingView

Following the start of the Russian invasion of Ukraine, the price of Bitcoin crashed all the way down to $34k as investors looked to derisk amid all the uncertainty.

However, in the past couple of days the value of the crypto has shown a very sharp uptrend, and the coin is now once again above the $44k level, looking to approach another retest of the $45k price point soon.

Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com