There’s a new generation of bitcoin HODLers.

New research from Glassnode, an on-chain data platform, shows continued growth in bitcoin (BTC) held between one month and six months, indicating strong conviction behind the recent price rally.

These coins were accumulated throughout the recent bull market, which means new HODLers (meaning, those holding crypto) are sitting on a near 500% increase since October.

Also, more BTC investors are moving their holdings into storage, which suggests less interest in short-term trading. Over the past 12 months, over 3% of the circulating BTC supply has migrated out of exchanges and into third-party wallets, according to Glassnode.

“Only two major exchanges have seen aggregate positive inflows (increased balances), Binance and Gemini. Gemini inflows will also correlate with Gemini’s institutional custody solutions, which further adds to the supply held in long-term storage.”

“Strong signals of accumulation show a supply vs. demand balance that is unlike any bull cycle we have seen before,” wrote Glassnode.