Long-term Bitcoin storage trend continues to dominate

by in Cryptocurrency News

Bitcoin

Bitcoin supporters, or so-called hodlers, continue to hoard cryptocurrency despite periodic pullbacks. Many analysts often pay attention to this trend.

The Glassnode team found out that the Bitcoin market supply fell to a three-month low (45.36%). More than half of the cryptocurrency is now stored in addresses that have accumulated funds since January 2018.

Hodlers who bought at the turn of 2017-2018 "woke up" at the end of last year. They dumped some of their reserves in December when bitcoin broke above $ 20,000 again. This allowed them to recoup losses incurred during the bear market.

However, there was no massive sell-off, although the volatility under the influence of the Hodlers was still exacerbated.

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Miners in recent months have also reduced sales and moved to accumulation. As noted by the CEO of CryptoQuant, Ki Yang Joo, mining pools have sent the lion's share of bitcoins to offline storage. Most likely, they are waiting for the next leap in cryptocurrency to maximize their profits.

The accumulative strategy of BTC holders has already yielded the first positive results. The pressure eased at the end of last week, allowing Bitcoin to hold above $ 50,000.

This mark has become a kind of local bottom for BTC, according to the Rekt Capital team. Having touched it, the coin should have bounced up, which then happened.

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On the night of Monday, March 29, the BTC rate rose to $ 55,600. The capitalization of bitcoin is holding above $ 1 trillion. Analysts such as Willie Wu believe that the value of all BTC is unlikely to fall below this level for a long time.