A new ATH, over 48,25% of holders have not moved their coins in over two years. Showing the conviction of long-term holders even in a bear market.

Bear Markets are always some massive tests of conviction for all the holders, testing their limits and patience. But on the other hand they are usually the exact kind of entities that do not sell even in a bear market and no matter how deep we go. This can be shows from basic on-chain metrics that shows what percentage of the total circulating BTC supply did not move over a certain period of time.

Typically, in bear markets this metric hits new records as probably the levels are too low for many too sell or they are actually convicted enough to not get hindered by some short-term noise. The simple metric here is usually the Long-term holders metric which shows the percentage of BTC supply not moved in one year.

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From DocumentingBTC on Twitter

But with such metrics that are meant to demonstrate the power of long term holders, I think it is smarter to use even larger time frames to actually show some convicted people that have not even sold over a whole bull market and not even now in this bear market. As the current holders from two years ago bought just at the start of 2021 and held through the whole bull market and possible 3x returns to now this bear market but still did not sell.

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From Glassnode

As we can see, the one-year metric has hit a new ATH at 85% but also the two-year metric has hit a new ATH at over 48,25%, showing some big conviction from people that even bought during a bull market, missed some big gains and now have to sit in losses. If they can withstand this bear market, surely we can too.