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.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.