Even after all of this FTX-drama we hit a new ATH of long-term holders in November. We are at a record-level of conviction right now.

Last month has been the most intense month since a while in crypto. One of the biggest Crypto exchanges collapsed, exposing that it was a complete fraud and ran away with $8b of user funds. Then as the aftermath we had a couple of big companies like Genesis, Voyager and BlockFi completely collapsing now. But as all media-outlets were spreading FUD again, the long-term Bitcoin holders remained undeterred.

In November we hit a new All-Time-high of BTC long-term holders, now at 66% percentage on the HODL Waves chart. The HODL waves have been a chart to observe how many investors in crypto have held their crypto for how long. Typically, we see a decrease in a bull market as holders from before start to sell now and during the end of the bear market it rises as paper-hands left and only convicted investors remain.

HODL Waves from Glassnode

As we can see we have been going up for a while now. The 3 year to up to 10 year long holders have been holding at a rate like never before in the history of crypto as their percentage in the total crypto holders keep increasing. Even the 1 year to 3 year holders have remained steady in all of the fear this month.

This chart could also be a an explanation on why the FTX-implosion did not cause the “biggest“ price-crash. All paper-hands have already left and the only ones remaining are mostly convicted holders that wont sell, no matter what. I bet we could take another collapse of an exchange but would have a price-crash even less disruptive this time, simply because there are nearly no sellers left in the markets. Just buyers remain right now.