Current Bitcoin Hodling Trends Similar To Past Bear Market Trends: Glassnode
- The firm made the revelation via Twitter, and indicated that 80 percent of the overall investment Bitcoin via US dollar has been intact for about three months.
A blockchain analytical organization, Glassnode has made a revelation about the current Bitcoin hodling trend. According to Glassnode, the current trends are similar to one gathered at the end of previous bear markets.
As revealed, the levels are similar to that of 2012, 2015, and 2018 respectively.
Glassnode Report on Bitcoin Trends
The firm made the revelation via Twitter, and indicated that 80 percent of the overall investment Bitcoin via US dollar has been intact for about three months.
This illustrates that investors are reluctant to let go of their Bitcoin possession during this dip. Consequently, the major denomination of Bitcoin supply remains dormant. Furthermore, the revelation strengthens emerging claims that only short-term speculators are trading their Bitcoin at the moment.
Worth noting, that Bitcoin is trading at $63,247.01. Though, the figure represents about a 70 percent dip from its overall high of $69,044 Bitcoin enjoyed in late 2021. During that period, the cryptocurrency industry at large enjoyed a massive market boom.
Meanwhile, another firm identified as IntoTheBlock claimed 45 percent of Bitcoin investors only suffer an “on-paper loss”. This amounts to a positive recovery after the asset hit low $17, 850 last month.
Last week, the Head of Institutional Research of Coinbase, David Duong, released an article dubbed ” The Elusive Bottom”. The article illustrated how on-chain figures reveal that long-term investors are reluctant to sell Bitcoin holdings.
According to the article, these reluctant long-term holders possess about 77 percent of the Bitcoin in circulation. However, at the beginning of 2022, Long term investors owned approximately 80 percent. Whereby the slight difference has emanated from the current market downtrend, according to research.
Duong divulged that the figures illustrate a favorable situation for long term buyers to dive deeper. At the beginning of July, experts from Glassnode revealed that the Bitcoin community has recorded an exodus of new investors.
Additionally, the firm disclosed that functioning wallets had witnessed a dip since the end of last year. This implies that long-term investors are not engaging in any market activity at the moment.
Takeaway Points
Generally, there are increasing fears that the sales of Bitcoin will add to the current market woes. Experts indicate that the more investors let off their holdings, the more the price is likely to fall. However, the latest report by Glassnode comes as a relief to Bitcoin enthusiasts.
As indicated, the market situation is almost coming to an end. Notably, long-term investors have been the major keep player in sustaining the market. Their endurance to still hold on to their tokens has been instrumental.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
