Bitcoin HODL Data Reveals Mysterious Buying Pattern

TLDR

• Bitcoin produced an unusual HODL Wave pattern not seen across 17.5 years of available data.
• Willy Woo said buying near the market bottom appeared gradual rather than concentrated in sharp bursts.
• The pattern could suggest accumulation by one large whale or a small number of entities.
• ETFs, institutional custody, and derivatives may also explain why normal HODL Wave spikes are absent.
• Bitcoin recently slipped below $77,000 as traders watched rate risks and a $2.51 billion options expiry.

Bitcoin has produced an unusual on-chain pattern that has not appeared before in 17.5 years of HODL Wave data, according to analyst Willy Woo. The signal suggests that buying near the market bottom developed slowly instead of through a sudden wave of demand.

Woo said the pattern could point to one holder, or a small group of buyers, steadily accumulating Bitcoin price. However, he also noted that changes in market structure could offer other explanations for the unusual reading.

Bitcoin HODL Waves Show Missing Buying Spikes

HODL Waves groups Bitcoin supply based on how long coins remain unmoved. The youngest bands track recently transferred coins and often show clear activity when new buyers enter the market.

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