Bitcoin HODLers are avoiding the volatile price markets
Number one cryptocurrency Bitcoin has had a pretty bad month's worth of trading. But according to blockchain data over the past 12 months, its not the HODLers who have been moving the price.
The majority of Bitcoin HODLers have not moved their crypto in over 12 months, according to new research.
Data analyzed by bitcoin analyst Rhythm found that 11.58 million (or around 60% of Bitcoin circulating supply) have not moved wallets once in the last 12 months.
Commenting on his analysis on Twitter, Rhythm said that "even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded—Hodlers of last resort are insane."
11,580,00 bitcoin have not moved in over a year.
Even with a 85% increase in price during that time, those millions of bitcoin were not sold or traded.
November was a bad month for bitcoinbitcoin. In October, the number one cryptocurrency by market cap surged, adding nearly $2,000.
Since then, bitcoin has retraced all those gains amidst news that China has signaled its "blockchain not Bitcoin" stance followed quickly by a crackdown on local crypto exchanges. But according to new blockchain data, it looks like China's moves and bitcoin's price fluctuations have done little to whet the appetite of Bitcoin HODLers.
The data suggests that many in the Bitcoin ecosystem are likely HODLing onto their funds, and have not been tempted to convert their cash into fiat. This data mirrors the rise in popularity of the "stakingsats" hashtag on Twitter, where HODLers compare their long positions on bitcoin and other currencies. Looking at recent price data, is not difficult to understand why.
In November alone, bitcoin saw four consecutive weeks of weekly losses—with the digital asset falling over 35% from its October 26 peek to hit a low of $6,500 this time last week. Interestingly, the poor performance in November for bitcoin is not out of the ordinary. In 2018, bitcoin fell nearly 50% as the digital asset eventually broke bellow its longstanding $6,000 support to reach a low of just over $3,000 by December 2018.
Since last week's $6,500 low, bitcoin has found a little momentum—shooting up 8% as the much-hyped US-based futures exchange Bakkt broke records for both trading volume and open interest (total of all traders with active positions open) last week.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Circle’s dynamite IPO this week wasn’t just impressive by crypto standards—it outperformed expectations to a degree unrivaled even by America’s most prominent tech companies.
The evening before its Thursday trading debut on the New York Stock Exchange, Circle priced its stock, CRCL, at $31 a share. That represented a mark-up from the lower share prices the firm floated earlier in the week: $26, and then $28. Such last-minute moves are generally indicative of increased investor interest in a comp...
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.
This week: Gemini makes its own IPO move after Circle's explosive debut (and continued rise Friday), while Strategy boosts its Bitcoin buying power.
Twinsies!
Crypto exchange Gemini confirmed that it has filed to go public, within 24 hours of USDC issuer Circle making its euphoric debut on the New York Stock Exchange.
Rumors started making the rounds in February and March that Gemini, which has bee...
USDC issuer Circle, which made its whirlwind of a New York Stock Exchange debut yesterday, has already topped the high it set on Thursday.
Around 1pm ET on Friday, CRCL reached a high of $123.51—just 49 cents shy of fully quadrupling its IPO price. The stock is already trading 44% higher than its $83.23 close at a current price just shy of $120. It's a strong follow after the company tripled its $31 IPO price on its opening day.
As of this writing, the company has reached an intraday market cap...
