62% of wallets did not sell Bitcoin for a year amid the bear market: Data

CoinTelegraph
CoinTelegraph September 2, 2022
Updated 2022/09/02 at 2:46 PM
3 Min Read

Despite the uncertainties brought about by the bear market[1], on-chain metrics show that the majority of Bitcoin (BTC[2]) traders have been using a very simple trading strategy for more than a year: hodling.

According to data from the trading analysis platform TipRanks, while on-chain signals remain[3] bearish for BTC, 62% of wallets have held BTC for one year and above. On the other hand, 32% of wallets are shown to have held for a month up to a year. Lastly, those who have been holding for less than a month are only 6%.

Apart from holding, the site also showed its analysis of profitability in holding Bitcoin. According to the data, among the current holders, 48% are in profit while the same amount of holders is in losses. The data also highlighted that the remaining 4% are neither in profit nor in a loss.

While Bitcoin’s price has experienced several dips as of late, almost a quarter of the circulating supply stayed in wallets. On Aug. 18, on-chain metrics showed that 24% of BTC supply remained untouched[4] for a minimum of five years, suggesting that long-term holders have no intention to sell, especially during a bear market.

Related: Bitcoin ‘liveliness’ lowest since 2021 amid new 5-year BTC hodl record[5]

A recent survey done by market research platform Appinio showed that 55% of crypto investors[6] held onto their crypto investments despite the massive sell-offs that happened recently within the crypto market. Among the survey participants, 40% believe that Bitcoin is still the best investment opportunity in the next three months.

Meanwhile, Zach Burks, the founder of NFT marketplace Mintable, has recently shared his crypto journey[7] as well as his trading strategy. According to Burks, his goal is to keep on stacking Ether (ETH[8]) until he can afford to purchase a mega yacht. The marketplace founder highlighted that he is still holding.

References

  1. ^ bear market (cointelegraph.com)
  2. ^ BTC (cointelegraph.com)
  3. ^ remain (www.tipranks.com)
  4. ^ 24% of BTC supply remained untouched (cointelegraph.com)
  5. ^ Bitcoin ‘liveliness’ lowest since 2021 amid new 5-year BTC hodl record (cointelegraph.com)
  6. ^ showed that 55% of crypto investors (cointelegraph.com)
  7. ^ shared his crypto journey (cointelegraph.com)
  8. ^ ETH (cointelegraph.com)

 

This article was first published on Cointelegraph.com

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