Despite Market Pressure against Bitcoin, ‘Hodlers’ are sticking with their Bitcoins

It’s been more than 6 months since Bitcoin hit the all-time high price of $69,000. Since then, the trading price of Bitcoin has dipped more than half of its all-time high price.

Over the years, the situation of Bitcoin has turned from bad to worse. However, there are investors who have not lost their confidence in Bitcoin at all.

You will be shocked to hear that there are investors who haven’t spent/sold Bitcoin despite accumulating them in 2020. Since the year 2020, Bitcoin has demonstrated high volatility but still, these investors haven’t shown any interest in selling Bitcoin.

At times, Bitcoin has shown great resilience against market pressure. Similarly, it has shown great weakness against particular market factors and has experienced plunges in its price.

Despite all the problems, investors who have planned on hodling Bitcoin for a long term haven’t shown any concerns about any of the fluctuations. Under no circumstances, they have shown any movement in terms of their accumulations of Bitcoin.

It goes to show that such hodlers exist who are holding onto a significant amount of Bitcoin and are confident that the price of BTC will rise tremendously.

Coinbase Shared Very Interesting Details

Coinbase has just shared details surrounding the institutional clients and the custody of cryptocurrencies that have grown under them. The details show that there is a great number of institutional investors accumulating and holding onto the Bitcoin in their possession.

These investors have been increasing their portfolio in Bitcoin but they haven’t shown any signs of selling them. Coinbase has confirmed that the accumulations have been growing since the fourth quarter of 2020.

As per Coinbase officials, the accumulations of the institutional investors have grown by 296% in Bitcoin since the fourth quarter of 2020. Surprisingly, these clients have put their accumulations to the “hodl” status. They haven’t made any movement despite the Bitcoin trading price being slashed in half compared to its all-time high value.

An Idea of Accumulations

While giving an example, CryptoQuant, and on-chain data analytical firm clarified that if such investors deposited 10,939 in late 2020, they have kept them intact. They haven’t moved them or sold them despite the fluctuations in the Bitcoin market.

The clients that have been holding to Bitcoin since late 2020 are still looking at a 30% profit because the trading price of Bitcoin even now is $29,808.42.

How These Clients are Significant to Bitcoin

You will be surprised to know that Coinbase is not the only exchange where the investors have their Bitcoin in custody. Many other exchanges and wallets have Bitcoin that hasn’t moved since 2020.

This signifies that despite the bearish sentiments being high at the moment, there are investors who strongly believe Bitcoin will grow way higher. Not selling Bitcoin when it hit $69k is a strong indication that these investors are aiming for much higher.

For as long as such investors are sticking by Bitcoin, there is no way Bitcoin will vanish or tremble.

Leave a Reply

Your email address will not be published.

Related

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]

G20 Countries Commit to Uniting Their Efforts Towards a Robust Global Economic Recovery

Several countries in the G20 organization, the U.S, India, and the EU, have promised to create a robust global economic recovery by providing more employment and encouraging development. The proclamation made by the G20 Bali governors comes after the summit, which discussed solutions to the dilapidating economy, attended by some of the top global rulers. […]