Bitcoin [BTC] just broke above a fresh all-time high above $63K on the 13th of April as it reaffirmed the strong bullish trend.
The world’s largest crypto-asset has been consolidating since the mid-March dip and at the time of writing was found to be trading at $63,050. It was up by nearly 6% over the past 24-hours.
It was exactly a month ago, that Bitcoin rallied to establish a new mark on the charts, following which the cryptocurrency declined as the selling pressure trapped the price into a narrow range. Meanwhile, volatility in the market remained consistent.
What Drove The Bitcoin Bulls?
Rick Astley’s Coins. Yes, here’s a new jargon for the crypto-verse depicting Bitcoin holders. Developed by prominent Statistician Willy Woo, ‘Rick Astley‘ buyers [named after the British singer who had his one-hit-wonder in 1987] are essentially strong hands who are never gonna give you up, instead are HODling coins forever and never let the balance of their sats go down.
According to the blockchain intelligence platform, Glassnode, and Woo’s latest chart, the above image demonstrated the liquid supply change in the red zone indicating that the coins were not moving or were being spent. The metric called the Liquid Supply Change indicates the rate at which coins are crossing the Liquid to Illiquid threshold.
Besides, Glassnode’s weekly report also revealed that the Bitcoin HODLer Position Change, which utilizes 155 days as the measure of ‘old coins’, has not been touched for the same period of time. 155 days prior, the metric was found to be near mid-November when prices of Bitcoin were trading from $16k-$18k after the institutional titan, MicroStrategy’s initial two acquisitions.
Hence, it is likely that the cryptocurrency bought by institutions in late 2020 and early 2021 are beginning to mature past the 155-day threshold, this presuming that the entities in question held on in “true Rick Astley style”, asserted the report.
Glassnode also went on to add,
“As such, the HODLer Position Change metric is currently trending higher and if these institutional buyers did HODL, it is likely to continue in this trajectory over the coming months (keep in mind there will be a time lag between purchase and coins ending up in their final custody/cold storage arrangement).”