Long-term Bitcoin hodlers appear not to be selling despite 2021’s all-time highs, while nervous newbies have been taking profits along the way.
According to Unchained Capital’s “Hodlwaves” chart — which visually illustrates the time since BTC wallets were last active on-chain, 2021 has seen an increase in both long and short-term activity.
The chart shows the number of coins that have moved in the past 30 to 90 days is at its highest level since 2018. These addresses represent more than 15% and are currently the largest segment of BTC wallets.
Bitcoin wallets that have remained inactive for between three and five years are currently the second-largest segment, representing 13.5% of all addresses. These wallets have also steadily expanded in number during 2021, with onlookers speculating the data may reflect a large number of BTC bag-holders who bought during the 2017 season and held throughout the entire bear trend.
While the share of wallets that have not been active in between five and 10 years appears to have been shrinking over the past year, the number of addresses that have been inactive for at least a decade has increased from roughly 1.7% two years ago to 10.7% today.
On March 11, CTO and co-founder of on-chain crypto analytics firm Glassnode, Rafael Schultze-Kraft shared data revealing the number of wallets that have not been active in the last three or more years has steadily increased since late December.
1+ year hodlers: selling
2+ year hodlers: selling
3+ year hodlers aka "been in a bull market before and know how this works": stacking sats#Bitcoin
— Rafael Schultze-Kraft (@n3ocortex) March 10, 2021
However, the data shows that the share of Bitcoin wallets that have been inactive for at least 12 months has dropped from record highs of nearly 65% in January to 55% today, with nearly half of Bitcoin wallets active in the past year.
Elon Musk-Posted Bitcoin $69,000 Meme Sold for $28,000 in WETH by Author
Here’s the story of the Bitcoin and Ethereum meme posted by Elon Musk this week, which then sold for 5 WETH and is now relisted for 69.42 WETH
On October 21, Tesla CEO and eccentric billionaire Elon Musk posted a meme depicting a couple lying on a sofa and watching Bitcoin and Ethereum price on the wall monitor, which showed $69,00 for Bitcoin and $4,200 for Ethereum.
Even though, he did not mention the author, she was still happy about Musk’s attention to her “Love in The Time of Web3” meme and in two days sold it for 5 wrapped Ethereum. That’s around $19,800, according to CNBC.
Now the meme is relisted for almost 70 WETH.
Elon Musk is “the ultimate meme lord”
The person who created the meme is a self-proclaimed “hobby artist”, 28-year-old Eva Beylin. When she learned that Musk posted her meme, she told CNBC she was over the moon, adding:
“The ultimate prize of memeology is for the ultimate meme lord to use your meme”
Beylin is keen on Web3, which includes decentralized Internet apps, blockchain and things like NFTs.
The meme sold two days later, Beylin is not initial author of it
“Love in The Time of Web3” was auctioned as an NFT on Zora platform on the night Musk tweet it and two days later the non-fungible token was sold for 5 wrapped ETH (around $19,800).
Still, Beylin is not the initial author. She picked the picture of another Twitter user – @shegenerates – who posted it as a joke. To compensate them, Beylin offered them 20 percent from the NFT sale.
The aforementioned Twitter user did not mind and she told CNBC so.
Now, Beylin plans to reinvest her proceeds from the sale into NFTs of other artists. Meanwhile, the person who bought the meme posted by Musk, has relisted it for 69.42 wrapped ETH.
They promised Beylin 15 percent of the price the meme will be sold for.
El Salvador President Looking to Buy the Bitcoin Dip, But Wants a Better Discount
Bitcoin ($BTC) price recorded a minor correction over the past 24-hours, falling to a daily low of $60,122. The retrace comes just days after $BTC posted a new ATH of $66,973 on Wednesday. The price correction is now being seen as an opportunity by many to stack more $BTC.
Nayib Bukele, the president of El Salvador, the world’s first country with Bitcoin as its legal tender is also among many who wants to buy the Bitcoin dip. However, he thinks the correction is too small and might need a better discount to make the purchase.
Bukele’s interest in Bitcoin has been known the world over as he is seen as the main architect behind El Salvador’s BTC adoption. The small central American nation started buying $BTC right after it was formally inducted in September this year. They made a total of 700 BTC purchases throughout September when the top cryptocurrency was trading under $45K. At the time Bukele was criticized as their purchase value was on the decline.
As $BTC touched new ATH, El Salvador’s Bitcoin holding got into millions of profit which is now being used for building hospitals and other national projects. He also shared a photo of himself sitting on the throne depicting him as the king after BTC ATH.
El Salvador is Reaping the Benefits of Bitcoin Adoption Already
International media continues to show El Salvador’s BTC adoption in a bad light, focusing more on the protests and less on the benefits that Bitcoin adoption has given to the country. The national Chivo wallet is already being used by two-thirds of Salvadorans while the Bitcoin ATMs have been a great success too receiving millions in daily remittance.
El Salvador has also invested in clean Bitcoin mining using abundant geothermal energy available in the country. The country has already set up the infrastructure and has mined its first Bitcoin as well, thus the adoption has proven to be a great win for the financially challenged nation, despite skepticism from all around.
One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground, According to Crypto Trader Benjamin Cowen
Crypto analyst Benjamin Cowen says an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.
Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”ADVERTISEMENT
The 12th-ranked asset by market cap is trading at $68.28 at time of writing, up over 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.
Cowen notes that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two metrics are what Cowen refers to as the “bull market support band.”
“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks.
A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.”
Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “in the next month or so,” but he does say that Avalanche can increase in value in terms of its relationship to the US dollar in the short term.