‘Hodlers’ Undermine Blockchain as 70% of Bitcoin Goes Untraded

Asset manager VanEck’s Bitcoin ETF is listed under the ticker ‘HODL,’ highlighting a dilemma facing buyers of the popular investment vehicles.

Hodl has long been the mantra of Bitcoin true believers during the market routs and rallies that have been a hallmark of the sector since the earliest days of the digital-asset world, when “hold” was misspelled by a frenzied advocate on an online forum in 2013.

But buying and holding has major drawbacks: It hinders the development of the blockchain for use cases besides speculation. Ethereum is actually the most commercially used blockchain. And for investors, it ...