Bitcoin (BTC) investors who bought at the all-time highs of 2017 or more have yet to sell, data shows.

According to HODL Waves metrics, coins that were last moved within the last six to twelve months now make up the majority of the BTC supply.

BTC buyers keep their mood

Despite the strong profits and equally strong corrections in 2021, market participants refuse to add to their positions in or after November 2020 to sell.

HODL Waves, which tracks the age distribution of unused Transaction Spending (UTXOs), shows that supply controlled by “Hodler” during those six to twelve months has grown – from 8.7% in early June to 21.4% on June 17th November.

At the same time, multiyear stocks declined only slightly, suggesting modest sales have taken place and, with the exception of the six- to twelve-month group, investor determination remains.

The data reinforces the theory that few BTC owners intend to sell at current prices, even if those prices hit all-time highs.

However, as Cointelegraph reported, the distribution of funds by long-term holders – a classic characteristic of bull market spikes – has now begun. The last time this happened also in November last year.

Bull market “still has a way to go”

Meanwhile, other numbers tracking “older” BTC also suggest that the oldest bitcoins will continue to weigh down.

Related: Bitcoin Bargain: Third Largest Whale Address Adds 207 BTC at $ 62,000

As online analyst William Clemente noted this week, inactivity outflows – Bitcoin’s market cap divided by annual dormant time – remain at lows near BTC / all-time highs / USD.

Clemente stated that a long hibernation suggests ancient coins are in use.

grandfather Add in Twitter comments on Wednesday.

“This Bitcoin bull market still has many options to orientate itself on the metric.”