- According to trading analytics platform TipRanks, 62% of current wallets have held their BTC for a year or more, while another 32% have held crypto for a month to a year.
- This shows that most Bitcoin investors stick to a simple trading strategy. hodl showing great confidence in the long-term profitability of crypto.
- Despite no widespread loss in confidence from the Hodlers, the bulls have failed to exert the necessary pressure to execute a meaningful uptrend.
Despite the bearish context that has engulfed Bitcoin (BTC) for a year, most investors seem confident in the possibility of a better future for the value of the leading crypto.
Just one year ago, the price of Bitcoin was $50,000, 146% above the current price of $20,327. One way to assess what the future of the leading crypto could look like is to look at the current market context and what other investors are doing.
The question is: How have BTC investors lived the last year?
just hodl
TipRanks, a commercial analysis platform, offers a series of data that can glimpse some answers to the question of how investors are currently behaving. The first noteworthy fact is that 62% of current wallets have held their BTC for a year or more, while another 32% have held the crypto for a month to a year.
First of all, this reflects that most investors Bitcoin currents maintain their long-term conviction. Namely, they maintain a simple Hodl strategy.
Why do investors keep their BTC holdings despite a significant price reduction? There may be many reasons, but most of them are backed by a great deal of confidence in the long-term profitability of crypto.
It is necessary to keep in mind that this is not the first time that Bitcoin experiences significant bearish seasons that are later accompanied by bullish seasons. Therefore, we could assume that the current Hodlers expect the behavior to be cyclical and BTC to recover above the all-time high at some point.
However, curiously, there is an even split between Hodlers in profits and losses, with 48% of the wallets being in both cases and the remaining 4% being neither in profit nor in losswhich is why not all Hodlers are happy and comfortable with their investment in Bitcoin or the crypto market, in general.
Recently Pew Research Center made a survey of investors in the United States that concluded that 46% of crypto investors are unhappy with their investment because they expected a different return.
Is the bull season in sight?
In general, the current sentiment regarding Bitcoin is bearish and, according to a report from glass nodethe price of Bitcoin is hanging by a thread. Despite no widespread loss in confidence from the Hodlers, the bulls have failed to exert the necessary pressure to execute a meaningful uptrend.
“The psychology of investor spending patterns remains firmly in bear market territory as rallies are sold and outflow liquidity is taken at, or around, cost basis levels. explains Glassnode.
In fact, the report notes that, given today’s remarkably low active user base, they find it surprising that the $20,000 level holds. The question is: For how long?
Bitcoin has in the past rewarded those who have held onto their holdings with significant long-term returns, but there is no way to ensure that this will be the case again.
You might be interested in: