The fall in the value of bitcoin did not scare long-term investors, who are often called hodlers. They continued to buy cryptocurrencies and even stepped up during a deeper correction to purchase coins at comfortable prices.
Recall that at the end of January, BTC fell to $33,100 amid a massive exit of capital from risky assets.
Since then, the cryptocurrency has regained some ground, trading at $37,757 on Feb. 4. Data from the Glassnode platform shows that hodlers have bought the fall and withdrawn the coins to offline wallets.
A similar situation was observed in April last year, that is, before the famous BTC surge to $69,000.
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GlobalBlock analyst Markus Sotiriou said: "The share of bitcoins on exchanges continues to decline. Since the $69,000 record, Glassnode has figured out that 42,900 bitcoins have left the exchanges."
Since December, hodlers' wallets have grown by almost 100,000 BTC.
Purchases were observed against the backdrop of the dominance of the negative trend in the market. That indicates the confidence of long-term investors that the cost of cryptocurrency in the coming months and years will be higher than current values, experts say.