According to research, the majority of traders have held Bitcoin for one year or longer. 32% have held it for one month up to a year. And 6% have held it for less than a month. On-chain analytics indicate that the bulk of Bitcoin (BTC) traders have been utilizing a relatively straightforward trading technique for more than a year. This is in spite of the concerns caused by the bear market.
Although on-chain indications for BTC are still bearish. 62% of wallets have kept the cryptocurrency for one year or more, according to data from the trade analysis tool TipRanks. However, 32% of wallets were found to have survived for a month to a year. Last but not least, only 6% of people are holding for less than a month.
Aside from holding, the website also displayed its analysis of the profitability of owning Bitcoin. According to the research, 48% of current holders are profitable. While the remaining 48% are losing money.
According to the research, the remaining 4% are neither profitable nor losing money.
Despite recent drops in price for Bitcoin, roughly a quarter of the total supply remained in wallets.
On August 18, on-chain data revealed that 24% of the total Bitcoin supply had not changed hands for at least five years. Indicating that long-term investors are unlikely to sell, particularly during a bad market.
Also read: Look at The Current Market Situation of Bitcoin, Ethereum, & Others
Bitcoin’s lowest price since 2021
According to a recent poll conducted by market research firm Appinio. 55% of crypto investors stuck onto their crypto assets despite recent big sell-offs in the crypto market. 40% of respondents to the survey still think Bitcoin represents the best investment opportunity over the next three months.
Zach Burks, the creator of the NFT marketplace Mintable, has detailed his experience with cryptocurrency. As well as his trading methodology. Burks claims that his objective is to keep accumulating Ether (ETH). Until he has enough money to buy a giant boat. The creator of the marketplace emphasized that he was still in control.
Cointelegraph has previously reported that the current bear cryptocurrency market is linked to a problem in cryptocurrency. Lending that has persisted since prominent lenders like Celsius stopped accepting withdrawals due to liquidity concerns in June. The crypto winter is also heavily influenced by concerns with algorithmic stablecoins. as the TerraUSD Classic (USTC) stablecoin lost its US dollar peg in May.
Also read: Bitcoin Price Prediction
