Analysts at Ark Invest found that long-term investors or so-called hodlers have been buying up bitcoins over the past few months.
They took advantage of the collapse of the BTC rate in the spring and summer of 2022 and accumulated a record amount of cryptocurrency. Currently, hodlers control approximately 13.7 million coins, which is 71.5% of the total supply of bitcoin.
Ark Invest considers hodlers those investors who hold cryptocurrency for more than 155 days. During the year, the number of such wallets increased by 2.19%.
The large volume of BTC held by hodlers leads to less pressure on the asset because its supply on the exchanges is reduced.
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In addition, Ark Invest analysts believe that the cryptocurrency is in the oversold phase, that is, the sellers have exhausted almost all their potential. Now buyers must return to the market.
However, growth is unlikely to be aggressive. Most likely, it will be moderate, as the negative impact of macroeconomic factors affects.
Ark Invest CEO Cathy Wood represents the Bitcoin bull camp. Last year, she stated that over the next five years, we will see BTC soar above $500,000.