- Bitcoin’s HODLed/Lost Coins reach a 5-year high of 7,844,701.250 BTC, valued at $202 billion.
- BTC held on exchanges drops to a 5-year low, possibly influenced by regulatory pressures.
- Explore the evolving crypto regulatory landscape and its impact on market behavior.
The world of cryptocurrency is a whirlwind of uncertainties. According to the latest report by Glassnode’s Twitter account, Bitcoin ($BTC)’s amount of HODLed/Lost Coins has reached a five-year high of 7,844,701.250 BTC.
HODLing – A Concept
HODL, in its essence, is a crypto slang term that means to buy and hold indefinitely. It means that a buyer will not sell even when the market goes down or gets volatile, and in the world of cryptocurrency, let’s face it, volatility is not an entirely new concept. HODL is sometimes also referred to as “hold on for dear life.”
The HODL index is calculated by using the project supply of cryptocurrencies for a year and their current prices. Interestingly, the numbers show that a lot of individuals are currently doing just that. The current valuation of these HODLed coins is at a whopping $202 Billion. This is indeed one of the highest marks that these lost coins have managed to achieve in the last five years
BTC Held on Exchanges
On 31 August 2023, Glassnode released the data for the amount of Bitcoin held on exchanges. BTC held on exchanges had reached a five-year low at 2.26 million BTC, equivalent to around $58.25 billion. While this number could be because of regulatory mechanisms in place, it is hard to point fingers at an individual platform. However, it is worth noting that Binance, one of the largest cryptocurrency exchanges, faced immense pressure from authorities.
While concerns about regulatory compliance and global financial regulations have led to increased scrutiny of exchanges, it is important to note that the numbers have been affected as well. With a toll in held reserves for BTC at exchanges, it is time to look into the intricate involvement of authorities.
The evolving regulatory landscape in the crypto industry and its impact on market behavior is indeed worth studying, especially for crypto investors. Stay vigilant of the market trends and ahead of the curve at all times.