The bleak market scenario has not been able to discourage long-term Bitcoin holders, who today hold more than 75% of all available BTC. This level was last observed in October 2015, according to an expert from the cryptocurrency analytics platform CryptoQuant.
Long-term investors’ sentiments are significant because they represent experienced market players who have been through numerous phases of the market.
The analyst added that these organizations have had lower spending habits historically, which is why they are billed as the “hodl’ers from the last resort” while offering substantial support for the main cryptocurrency asset.
What’s next for Bitcoin investors?
At least temporarily, it doesn’t seem likely that Bitcoin will break out of its current bear market cycle. The coin ownership is changing from young, novice market players to long-term holders, according to CryptoQuant’s chart.
Similar opinions on bitcoin’s price behavior, which has been struggling for a while below the crucial $20,000 psychological threshold, have been voiced by other crypto analysts. PlanB recently stated that BTC might experience a significant pump only after its upcoming halving event, scheduled for early 2024.
The new research by CryptoQuant comes at a time when Bitcoin is witnessing a heavy uptrend on the daily chart, as TheCoinRise reported in its recent technical analysis.
The largest cryptocurrency by market cap, which is in a downtrend since November last year, has given some control to buyers, raising its price above the $20,000 mark.
In July, the leading blockchain analytics company Glassnode posted that this year’s Bitcoin holding trend is similar to past bear market holding trends, as TheCoinRise reported.
According to Glassnode, the current levels are quite similar to that of 2012, 2015, and 2018 BTC holding levels. At the time, the company indicated that nearly 80% of the overall Bitcoin via U.S. dollar had not been touched for the past three months.
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