Bitcoin holders reluctant to sell as long-term confidence grows

Recent on-chain data indicates that a declining number of Bitcoin (CRYPTO:BTC) holders are willing to sell, signaling growing confidence in the cryptocurrency’s future.

As of October 2024, only 10% of Bitcoin holders are open to selling their assets, a significant drop from 26% in 2021 and 64% back in 2013.

This data shows a marked shift in sentiment, with more holders committed to retaining their coins despite Bitcoin’s inherent volatility.

Both long-term holders—those who have held Bitcoin for over six months—and short-term holders are increasingly choosing to keep their assets, even as Bitcoin’s price remains 15% below its all-time high from March 2024.

However, the cryptocurrency has surged nearly 150% year-to-date after bouncing back from its 2022 low of $16,000, reinforcing its appeal to investors.

Institutional interest is one of the factors driving this trend.

With the approval of spot Bitcoin ETFs in the U.S. earlier this year, institutions have accumulated substantial amounts of BTC.

Currently, U.S.-based Bitcoin ETF issuers manage more than $57 billion in assets.

Notably, BlackRock controls over $21.5 billion, while Grayscale has experienced significant changes in its GBTC holdings.

Adam Back, CEO of Blockstream, also noted that there are no long-term options available beyond one year, as traders appear reluctant to sell their calls.

This trend supports the view that market participants remain optimistic about Bitcoin’s prospects, further fueling the hold-on mentality.

At press time, the Bitcoin price was $62,592.44.