More Bitcoin investors prefer holding over active speculation, data suggests
Bitcoin supply held for more than six months has hit an all-time high, according to glass knot. The metric indicates that the majority of investors who bought the cryptocurrency more than six months ago prefer to hold it rather than sell it in an already fragile market.
As the provided metrics suggest, the market can currently see a wave-like increase in the holding of the 6 month-10 year supply. The metric could be considered a fundamental change in the behavior of crypto investors that use Bitcoin as a long-term investment.
The rise in “HODL Wave” has been seen since the reversal Bitcoin faced after nearly hitting $70,000. The metric could also indicate that major buying power appeared in the market as Bitcoin tested the new ATH.
The shift in the behavior of crypto investors
Previously, the CEO of Three Arrows Capital noted that the market faced a change in the behavioral pattern of Bitcoin holders compared to the correction cycle in 2018. In a nutshell, the majority of crypto investors are now more patient and prefer long-term investment rather than speculative trading.
The reason for this drastic change was the unexpected bitcoin bullrun that started at the end of 2020. The majority of mid-term investors dumped their bitcoin holdings at lows when the first cryptocurrency was trading at around $10,000 .
At press time, Bitcoin is trading at $37,660, following aggravating risk-off tendencies on both the financial and cryptocurrency markets. The sudden relief experienced from Feb. 3 to 10 was nullified in a matter of a week.
