More than xv% of the existing Bitcoin (BTC) supply has not moved in 12 to 18 months. This confirms that the second half of 2022 was an accumulation season, as much of the BTC acquired during that period has not moved since.

Co-ordinate to Unchained Capital letter's Hodl Waves, which determines the velocity of Bitcoins circulated by monitoring Bitcoin Unspent Transaction Outputs, or UXTOs, 41.6% of BTC supply moved over the by twelvemonth.

Bitcoin HODL Waves. Source: Unchained Capital

Coins that have remained idle for between iii and 5 years comprise 14.four% of full BTC supply. More than than 21% of Bitcoin's supply has not moved since prior to 2022. Bitcoin that has non moved in two years represents 42% — comprising its highest threshold since June 2022.

Short-term belongings is downwardly since 2022

Since June 2022, short-term velocity has reduced slightly, with daily velocity averaging nigh two% and weekly roughly 6.vii% of the full supply. At the time of writing, four.vi% of all Bitcoin has moved in the last vii days — of which 1% circulated during the past 24 hours.

The percentage of coins circulating annually has as well dropped more than 5% from 45.58% in Feb 2022 to twoscore.24% in Feb 2022.

Bitcoin fundamentals evidence strength

The rise in the number of idle BTC has increased alongside several indicators of fundamental strength for Bitcoin.

On March one, the Bitcoin hash rate posted a new all-time high of over 136 million terahashes per second (Thursday/southward). The record comes later BTC has continually tested the previous all-time high levels throughout 2022 so far and coincided with Dominicus's local cost-low of roughly $8,500.

Bitcoin HODL Waves. Source: Blockchain.com

A report published by Glassnode on Feb. 27 likewise attested the key strength of BTC, asserting that prices appear undervalued when considering on-chain activity.

Glassnode co-founder Jan Happel told Cointelegraph:

"Network activity and growth are recovering from concluding year. For case, entity adapted transaction counts are trending upwardly again. These are essentially the total number of transactions betwixt different entities simply information technology does not include transactions that occur within addresses of the aforementioned entity. The number of addresses with not-zero balances is also reaching new all-fourth dimension highs each week."