The analytics firm based on the blockchain, Glassnode, have come out with a statement. They have said that the way bitcoin is being hooked in the three last months is showing a similarity that is striking, when it comes to market bottoms based on bitcoin.
Glassnode released a tweet on Saturday where they said that upwards of 80% of all the invested wealth in dollars, when it comes to bitcoin, haven’t been touched within the last three months.
The Hodling Of Bitcoin
Glassnode believes that the hodling of bitcoin signified that a large coin supply when it came to bitcoin, was lying dormant. It also showed that those hodling bitcoin are not willing to spend their money when the coins are priced lower.
The price of bitcoin is currently around $21,013. Just last November, the price of bitcoin was around $69,044. This means that the price of bitcoin is almost down by 70%. The price bitcoin is currently at, places the holders of bitcoin at a loss on-paper. This is what’s being said by IntoTheBlock, an intelligence firm based around cryptocurrency.
This previous week, the head of institutional research from Coinbase, released a report. This was a report that suggested that the selling of BTC recently is being mostly done by speculators focused on the short term. Players interested in the long term wealth they get through their coins are not giving into the weakness in the market. Such holders make up almost 77% of the total community. These holders are also less likely to sell their bitcoins during a time that’s turbulent.