62% of wallets did not sell Bitcoin for a year amid the bear market: Data
-
Loading... - Yu Yan Wong
- 02 Sep 2022
- 102 Views
- 0 Like
- 0 Comment
Despite the uncertainties brought about by the bear market, on-chain metrics show that the majority of Bitcoin (BTC) 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 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 for a minimum of five years, suggesting that long-term holders have no intention to sell, especially during a bear market. Read More...
