If you buy bitcoins for storage, 93% of the days will be profitable!
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Answer If you buy bitcoins for storage, 93% of the days will be profitable!
The Bitcoin mining reward recently split its third, which reduced the mining reward to 6.25 BTC from 12.5 BTC.
Bitcoin price reacted to the split and rose by 13% and as a result the number of profitable days increased to more than 93%.
The split attracted many interested and analysts, many of whom speculated that Bitcoin would fall as a result of the pressure from selling miners, but Bitcoin has defied these expectations and has even earned more than $1,000 since the split.
According to source With bitcoin at the current price, the number of bitcoin profitable days has increased to 93.6% since August 2010.
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This means that Bitcoin has been in the green on 3,329 out of 3,558 days.
HODLers:
“Hoddlers” are those who hold on to bitcoin for long periods and do not sell it regardless of market prices. According to the aforementioned source, these bitcoin holders and the addresses of their bitcoin wallets have not moved for a year or more.
As shown in the chart above, the so-called “one-year HODL wave” is nearly approaching its all-time high.
The last recorded data was at 58%, while in January 2016, months before the second half it was 61%.
The volume of daily bitcoin transfers dropped to a 15-month low, indicating that “hoddlers” preferred to keep their bitcoins.
Additionally, the chart also connects the price action with the HODL wave indicated above.
Starting in the early days of 2011, when Bitcoin peaked at more than $30, the wave percentage has fallen, which means that “hoddlers” have been selling.
A few months later, when Bitcoin bottomed at $2.50, the HODL wave increased.
The same is true for some other special occasions such as late 2013, 2017 and 2018.
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When Bitcoin reached an all-time high of $20,000, the one-year HODL wave fell to around 40%.
When the price bottomed out in the following months, the wave surged above 55%.
This shows that long Bitcoin holdings rise when the price drops and fall when Bitcoin hits record highs.
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