62% of Wallets Didn’t Sell Bitcoin for a Year Amid Bear Market: Data
Despite the uncertainties caused by the bear market, on-chain metrics show that the majority of Bitcoin (BTC) traders have been using a very simple trading strategy for over a year: hodling.
According to data from trading analytics platform TipRanks, while on-chain signals stay bearish for BTC, 62% of wallets have held BTC for a year or more. On the other hand, 32% of portfolios held for a month to a year. Finally, those who have held for less than a month are only 6%.
Besides holding, the site also showed its analysis of the profitability of holding Bitcoin. According to the data, among current holders, 48% are in profit while the same number of holders are in loss. The data also highlighted that the remaining 4% is neither in profit nor in loss.
While Bitcoin’s price has seen several declines lately, almost a quarter of the circulating supply has remained in wallets. On August 18, on-chain metrics showed that 24% of BTC supply has remained untouched for at least five years, suggesting that long-term holders have no intention of selling, especially during a market. bearish.
Related: Bitcoin ‘vividness’ lowest since 2021 amid new 5-year BTC hodl all-time high
A recent survey by market research platform Appinio showed that 55% of crypto investors have held on to their crypto investments despite the recent sell-offs in the crypto market. Of the survey participants, 40% believe that Bitcoin is still the best investment opportunity in the next three months.
Meanwhile, Zach Burks, the founder of NFT Mintable marketplace, recently shared his crypto journey as well as his trading strategy. According to Burks, his goal is to keep stacking Ether (ETH) until he can afford to buy a mega yacht. The market founder stressed that he is still holding on.
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