Despite the recent fearful market, Bitcoin hodlers show diamond hands as coins aged 12-18 months touch a 2-year high. Coins Matured To 12-18 Months Revisit A High Not Seen Since 2 Years As pointed out by an analyst in a CryptoQuant post, BTC hodlers have held strong recently as coins aged 12-18 months have seen a sharp spike recently. The relevant on-chain indicator here is the Bitcoin Sum Coin Age (SCA) Distribution that shows the distribution of coins among the different holders in the market. The metric works by looking at each coin on the chain and measuring how many days it has been since it was last moved. Based on the age, these coins are put into different categories. For instance, if a coin has been sitting still since 12-18 months ago, it is included in the 12-18 months holder group. When the distribution of the long-term holders goes up, it means accumulation has been strong recently. Such a trend has usually been bullish for the price of Bitcoin as it shows a large number of holders refuse to sell at the current levels. On the other hand, when coins belonging to short-term holders move up, it means some long-term holders have decided to sell. This trend may be bearish for the price of the crypto. Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think? Now, here is a chart that shows the trend in the supply of coins that have matured to 12-18 months (one of the long-term holder groups): Looks like the value of the indicator has shot up recently | Source: CryptoQuant As you can see in the above graph, the coins aged 12-18 months have sharply rose recently, reaching a 2-year high. The highlighted region in the chart is around when these holders bought these coins. This means that these Bitcoin holders have now held strong through multiple all-time highs, the mini-bear period between May-July, as well as the recent fearful market. Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means Hodlers showing such diamond hands behavior can prove to be quite bullish for the price of the coin in the long term. Bitcoin Price Earlier today, Bitcoin’s price crashed below $40k, touching as low as $38k. Since then, the coin hasn’t recovered much yet. At the time of writing the crypto’s price floats around $38.8k, down 7% in the last seven days. Over the past month, the coin has lost 17% in value. The below chart shows the trend in the price of BTC over the last five days. After weeks of consolidation, BTC's price seems to have finally crashed below the $40k level | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

On-chain data shows Bitcoin miner reserve has showed a sharp spike recently, suggesting that miners are currently loading up on the crypto. Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From Last Year Continues As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend from the last year. The “miner reserve” is an indicator that tells us the total amount of Bitcoin currently stored in the wallets of miners. When the trend in the metric is towards up, it means miner inventories are growing as they stock up on more of the coin. Such a trend can be bullish for the price of the coin as it shows miners are currently accumulating BTC. On the other hand, a downtrend in the indicator implies miners have started to dump their Bitcoin. This kind of trend is naturally bearish for the price of the crypto as miners usually sell in big amounts. Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022 Now, here is a chart that shows the trend in the BTC miner reserve over the past couple of years: Looks like the value of the indicator has showed sharp uptrend recently | Source: CryptoQuant As you can see in the above graph, the miner reserve has been gradually moving up since May. A few days back, when the price of Bitcoin dropped down to $39k, the metric showed a huge spike up as miners bought the dip. Related Reading | Jack Dorsey’s Block To Democratize Bitcoin Mining With Open Source Mining System Miners have traditionally been big sellers in the market as they have had to sell some of what they mine to keep their operations running. However, as BTC’s price has risen, and their machines have gotten more advanced and efficient, miners have started selling lesser as it’s enough to sustain electricity and other mining costs. Miners, who have originally always brought selling pressure to the market, have been shifting towards becoming hodlers for a coupe of years now. This can be quite bullish for the price of the coin in the long term. BTC Price At the time of writing, Bitcoin’s price floats around $42k, down 0.6% in the last seven days. Over the past month, the crypto has lost 10% in value. The below chart shows the trend in the price of BTC over the last few days. BTC's price plunges down after breaking above $44k | Source: BTCUSD on TradingView BTC managed to reach as high as $44.4k in its recent move up, but today the crypto has once again come back down, erasing the gains of the past couple of days. Featured image from Unsplash.com, charts from TraadingView.com, CryptoQuant.com