The number of Bitcoin “Hodlers” reaches an all-time high
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Answer The number of Bitcoin “Hodlers” reaches an all-time high
Despite the passage of the market and the coloration of most cryptocurrencies in red, the positive indicators surrounding Bitcoin continue to appear.
The number of bitcoin held for more than half a year has hit a new record, according to Glassnode.
The metric indicates that the majority of investors who bought the cryptocurrency more than half a year ago would rather hold on to it, rather than sell it in an already shaky market.
According to Glassnode, the supply of bitcoins that have been held for more than half a year has reached a record level, around 76.5%; The current supply of bitcoins that have been held for more than 10 years is about 12.6%, which is about 2.39 million bitcoins. pic.twitter.com/04DohJfPSC
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– Wu Blockchain February 22 2022
As the provided metrics show, the market could currently see an increase in Bitcoin stock holdings due to falling prices and investors preferring to hold onto their cryptocurrencies rather than sell at a loss.
The scale can be seen as a fundamental change in the behavior of cryptocurrency investors who use bitcoin as a long-term investment.
The HODL surge has been observed since Bitcoin’s reversal after hitting nearly $70,000.
The gauge could also indicate the emergence of significant purchasing power in the market as Bitcoin was testing a new all-time high.
The shift in the behavior of cryptocurrency investors:
Earlier, the CEO of Three Arrows Capital indicated that the market experienced a change in the behavioral pattern of bitcoin owners compared to the 2018 correction cycle.
In short, the majority of cryptocurrency investors are now becoming more patient and prefer long-term investment rather than speculation.
The reason for the radical change was the unexpected rise of Bitcoin, which began at the end of 2020.
The majority of medium-term investors dropped their holdings of Bitcoin and sold it when the price was around $10,000.
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At press time, Bitcoin is trading at $38,000, after exacerbating risk aversion tendencies in both the financial and cryptocurrency markets.
The February 3-10 recovery has been called off and prices have fallen to levels last seen in January 2022.
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