Despite the uncertainties brought about by the bear market, on-chain metrics show that most Bitcoin (BTC) traders have been using a very simple trading strategy for over a year: holding.
According to data from trading analytics platform TipRanks, although on-chain signals remain bearish for BTC, 62% of wallets have held on to their BTC for a year or more. On the other hand, 32% of wallets have stored their BTC from a month to a year. Finally, those who have been in less than a month are only 6%.
In addition to holding, the site also showcased its Bitcoin holding profitability analysis. According to the data, among current holders, 48% are in profit while the same number of holders are in loss. The data also highlights that the remaining 4% have neither profit nor loss.
Although the price of Bitcoin has seen several drops lately, almost a quarter of the circulating supply is kept in wallets. On August 18, on-chain metrics showed that 24% of the BTC supply remained intact for a minimum of five years, suggesting that long-term holders have no intention of selling, especially during a bear market.
A recent survey conducted by the market research platform Appinio showed that 55% of crypto investors held on to their crypto investments despite recent market sell-offs. Among the survey participants, 40% believe that Bitcoin remains the best investment opportunity in the next three months.
In the meantime, Zack Burks, founder of the NFT Mintable market, He recently shared his journey through the cryptocurrency space as well as his trading strategy. According to Burks, his goal is to keep accumulating Ether (ETH) until he can afford to buy a luxury yacht. The founder of the market highlighted that he continues to hold.
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