Over 60% of the total Bitcoin (BTC) in circulation has not left its wallet in more than a year, highlighting demand among investors.

That was the conclusion of analyst Rhythm, who uploaded statistics about Bitcoin network activity on Dec. 2.

BTC investors shun risk and short-term gains

Of the roughly 18.08 million Bitcoins which have been mined, 11.58 million — or 64% of the supply — has stayed in the same wallet since 2018.

The figure is striking as during that time, BTC/USD expanded from $3,100 last December to 2019 highs of $13,800 just six months later.

Subsequently, markets reversed downward, shaving 52% off the highs to reach local lows of $6,500 on Nov. 25.

“Hodlers of last resort are insane,” Rhythm summarized.

According to the data, the amount of dormant BTC as a percentage of the total supply has sharply increased in recent years. The trend has remained intact during both bull markets and bear markets, signaling a desire among investors to save rather than spend regardless of profitability.

Hard money mentality

Such a trait fits Bitcoin’s characteristics as hard money: a currency with a fixed supply and emission schedule which no central authority can manipulate.

As Cointelegraph recently noted, the cryptocurrency’s proponents have long drawn the distinction between its characteristics and those of “easy money” such as fiat currency.

A currency, which can have its supply manipulated fits an economic system that incentivizes spending and borrowing while discouraging saving. As Saifedean Ammous summarized in his popular book, “The Bitcoin Standard,” consumers feel the urge to spend money sooner, as it loses its value in the long-term due to government and central bank interference.

Bitcoiners, by contrast, continue to exhibit a so-called “low time preference” economically — saving for the future, understanding that it is more profitable to do so than purchase as much as possible as soon as possible.