Analyst: Bitcoin stock holding cycles continue to increase, and the Hefendar index has reached new levels since December 2021

On 21 July, Criptoquant analyst Axel Adler Jr published a market analysis indicating that, as at 21 July, the Hefendard-Heshiman Index (HHI) had reached 1116.1. This value is higher than 89.6 per cent of historical observations over the past decade, updating the peak since December 2021. The index has increased by 5.5 per cent over the past 90 days, with a cumulative increase of 10.1 per cent over the past 180 days. Bitcoin stock distribution has continued to decrease evenly, and chips are increasingly concentrated in the hands of specific silo-cycle groups. The upward core drive was 6-12 months of holding-cycle chips, which rose from 12.9 to 19.3 per cent for 6-12 months within 90 days; 3-6 months of holding-off chips fell from 14.3 to 6.3 per cent; and over 10 years of holding long-line chips accounted for 17.7 per cent of the total. The essence of the change is the natural increase in the old currency age, with the leverage shifting from a three-to-six-month cycle to a six-to-one-two-month cycle, not a new round of large-scale ingestion. At present, 81.6 per cent of the total market stock of bitcoin has remained untransferd for more than six months and 62.3 per cent have been idle for more than one year。