Long-term bitcoin holders refuse to sell all of their cryptocurrency even as it skyrockets in 2021.
This is the conclusion reached by Glassnode analysts, who also recalled that this week BTC tested values above $ 64,000.
Holders of the cryptocurrency dumped some of the coins during the rally, however, in the long term, they are still determined to accumulate bitcoins. This trend remains unchanged, the researchers emphasized.
Their report says that institutional investors bought in the second half of last year and the first quarter of this year. Such players, most likely, will not move on to the sale of accumulated coins in the coming months.
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Macroeconomic factors will encourage institutions to hold onto bitcoin. Already, many financial institutions are considering BTC as a hedge against inflationary risks.
Moreover, in the face of a weakening dollar, the attractiveness of an asset such as bitcoin will increase.
According to analyst Mati Greenspan, we are witnessing the formation of a new generation of hodlers. These are large institutions interested in increasing their income. They will push the cryptocurrency to new highs.