Recent data from Unchained Capital shows that old Bitcoin dinosaurs from 2013 are obviously using the current time to move a large part of their BTC.

In this article we want to take a look at the so-called HODL Waves and understand what is actually behind this term.

The subject of the article is 200,000 BTC with a value of almost 4 billion dollars and an inactivity of 5 to 7 years. Let’s get started!
Bitcoin Fortune stocks moved again to 2013 to 2015

Especially in the world of Bitcoin, the „buy and hold“ mentality is strongly pronounced. In the classic financial world, one speaks of an investment behavior that is characterized by the fact that a share A is bought and then held for a long period of time.

In the crypto world we call this phenomenon HODLen. It is not unusual that investors choose an investment horizon of several years and thus consider Bitcoin a long-term investment.

A current analysis of Unchained Capital now shows that Brund 200,000 BTC, which were inactive for 5 to 7 years, were moved in the context of the current price rally.

So, as the chart above shows, some investors have moved their „old“ Bitcoin. From the current perspective, the early investors were able to make enormous profits with BTC.

Profit taking from Longterm Investors

For example, the Bitcoin price ranged between USD 134 and USD 1150 in the period from 2013 to 2015. Thus those, which invested already 7 years ago into the crypto currency, could register now profits at a value of approximately 1500 up to nearly 14,000%!

If you have never heard of the term and are looking for a detailed explanation, we recommend the article on Bitcoin UTXO.

So the recent movements have shifted the picture of the UTXO Age Distribution. Above all, this also shows that some investors have probably not „lost“ their Bitcoin, but were deliberately waiting for a renewed price increase.

While some analysts still assumed in 2018/2019 that many Bitcoin in 2017 should have been moved at the all-time high of that time, we now see that investors were probably waiting for another bull run.