Investors continue to anticipate that the biggest cryptocurrency will rise again in the future. bitcoin (BTC) trying to manage the price drop with different strategies. In this case, most Bitcoin investors ‘HODL’ seems to be adopting the investment strategy.
Amount of Bitcoin HODLed Hits 5-Year High Amid Market Fluctuation
As of September 22, the amount of Bitcoin HODLed reached a five-year record with 7,495,059,588 BTC worth approximately $143.74 billion.
It should be noted that a certain portion of the amount of BTC under HOLD includes BTCs from addresses whose owners have lost their access keys. Such BTCs are classified under lost coins.
In particular, the amount in HODL partially reflects the current state of the market, which is characterized by high volatility. In this case, the increase in BTC holding addresses indicates a negative outlook for the market as investors are not willing to sell their BTC.
Also, holding is likely to cause fewer BTC to circulate, impacted by liquidity, while also limiting the chances of whales dumping the market and influencing prices.
In this case, in the long run to cryptocurrencies Believing investors continue to hold their assets in anticipation of a market rally.
Also, many analysts consider the current market correction to be temporary and part of the overall BTC bullishness.
Especially, Federal Reserve (Fed) With the interest rate hikes, some analysts like Gareth Soloway point out that BTC could drop as low as around $12,000 before rising again.
At the time of this writing BTC The price was trading at $19,200.
*HOLD means holding assets without selling them.
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