On-chain analytics reveal that the bulk of Bitcoin (BTC) traders have been hodling for more than a year despite the uncertainties brought on by the bear market, as reported by Cointelegraph.
As per Cointelegraph, although on-chain signals are still pessimistic for BTC, data from the trade analysis tool TipRanks shows that 62% of wallets have kept the cryptocurrency for one year or longer. However, 32% of wallets were found to have survived for a month to a year. Last but not least, only 6% of people have been holding for less than a month.
The website displayed its study of the profitability of holding Bitcoin in addition to holding. The data shows that 48% of the present holders are making money, while the same number are making losses. The statistics also showed that the final 4% are neither making a profit nor losing money, Cointelegraph noted.
Despite recent drops in price for Bitcoin, roughly a quarter of the total supply remained in wallets. On Aug. 18, on-chain measurements revealed that 24% of the BTC supply had not changed hands for at least five years, indicating that long-term investors are unlikely to sell, particularly during a bear market. According to a recent survey by market research company Appinio, 55% of cryptocurrency investors kept their assets despite the recent sharp sell-offs in the market. In the next three months, 40% of survey respondents still think that investing in Bitcoin is the best option.
Zach Burks, the creator of NFT marketplace Mintable, has detailed his experience with cryptocurrency as well as his trading methodology. Burks claims that his objective is to keep accumulating Ether (ETH) until he has enough money to buy a giant boat. The creator of the marketplace emphasised that he is still in control.
(With insights from Cointelegraph)
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