The HODLer net position change metric shows long-term investors or wallets with a history of holding coins for at least 155 days have been accumulating 50,000 BTC ($1.35 billion) per month.
The total number of BTC held by long-term holders has reached a new all-time high of over 14.859 million BTC, amounting to 76% of the cryptocurrency's circulating supply.
"Over +50k BTC per month are currently being Vaulted by HODLers, suggesting both a tightening supply and a widespread reluctance to transact," Glassnode said in the latest weekly report, adding that the market is experiencing a sustained regime of coin dormancy.
Dormant coins are those that haven't been spent on-chain over a given period. Increased coin dormancy means coins are being held for longer periods of time in an illiquid state.
In other words, it indicates a relative weakness of supply-side pressure in the market and the potential for an exaggerated price rally.
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