- On-chain data indicates Bitcoin HODLING has been rising at an unprecedented rate
Retail Bitcoin investors have been in a buying frenzy for weeks according to on-chain data. Specifically, data from Glassnode’s HODLER Net Position Change metric shows that Bitcoin HODLING has been rising at an unprecedented rate since the end of March.
This buying frenzy is probably being driven by a couple of factors. First off, Bitcoin’s price crashed in March to as low as USD 3,850, which is a drastically undervalued price for Bitcoin, and investors rushed in to buy up Bitcoin at those severely undervalued prices.
Also, the Bitcoin block halving is just 15 days away now, and a major Bitcoin rally is anticipated since the halving will drastically reduce selling pressure on the Bitcoin market, due to the amount of Bitcoins mined dropping 50% from 12.5 Bitcoins every 10 minutes to only 6.25 Bitcoins every 10 minutes.
Zooming out, no matter the reason, a significant jump in crypto HODLING almost always indicates that a crypto rally is about to happen.
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