Regardless of the huge losses in the topmost crypto assets in the last month, several Bitcoiners are still expecting from their BTC assets. Due to the increase in HODLers, selling pressure on bitcoin decreases, which in the future could bring out the price bottom, strengthened with other valid industrial factors.
According to some relevant data sources, the entire supply of BTC owned by long-term holders (LTHs) has touched another record mark of 13.62 million BTC. This shows that above 71% of the entire supply of bitcoins is presently under circulation which equals nearly 19.15 million BTC.
The LTH info claims that this quantity of BTC has not been altered by the holders for the last 155 days. The on-chain analytic portal mentions that this supply owned by LTH is as per the records, also “the least likely to be spent during market volatility.”
The advancement in LTH supply is good news for bitcoin’s value, which has gone down by more than 56% since the year started. Although, the growth is not completely astonishing as most of the bitcoin supply is currently bearish, i.e., at unrealized losses.
Maybe, bitcoin traders are HODLing with the aim to reinitiate trading when its value improves. Regardless, the increasing LTH supply is bullish as it proves a lesser force on the topmost cryptocurrency to the bear, at least meanwhile.
Traders are turning skeptical about investing in BTC and other altcoins facing the drop. One of the reasons is the ongoing market conditions, which are generating fear and instability on funds and risk cryptocurrencies like BTC. It seems that crypto traders are more attracted to starting accumulation when the lowest mark is finalized.
Kevin has a huge interest in the Crypto world, he is a firm believer in blockchain technology. Kevin is working as Journalist with Coinfea.