hold or not - Long-Term Bitcoin Holders Remain Optimistic Amid Market Volatility

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LIVE UPDATES • Long-Term Bitcoin Holders Remain Optimistic Amid Market Volatility • Hashdex Nasdaq Crypto Index ETF Still Not Approved Until September 30 • The City of Santa Monica Bitcoin Office Launched to Promote Industry Education • IRS Crypto Tax Draft Form Released to Aid Reporting of Digital Asset Transactions • The Thailand SEC Sandbox Launched to Promote Crypto Industry • Animoca Brands Valuation Is Now Just $1.5 billion on Secondary Market • Mario Mosböck Partners With CoinPoker to Build the Best Online Poker Site, Showcasing PoR on the Blockchain • NeurochainAI Launches $NCN Token Ahead of Node Staking • Justin Sun Wallet Moves 16,236 ETH to HTX, Binance Gets 4,500 ETH! • DedaCoin Review: The Future of Secure and Efficient Digital Transactions

News Long-Term Bitcoin Holders Remain Optimistic Amid Market Volatility 4 hours ago - Around 2 mins mins to read

Key Points:

Long-term Bitcoin holders bought over 184,500 BTC, valued at $11.1 billion, despite a market downturn and BTC’s price dip.

Bitcoin’s price remains around $60,400, showing resilience with a slight recent uptick, while long-term investors continue holding firm.

According to Bitcoin Magazine, during this downturn, long-term Bitcoin holders have accumulated more than 184,500 BTC, which is equivalent to about $11.1 billion.

Read more: The City of Santa Monica Bitcoin Office Launched to Promote Industry Education

Aggressive Accumulation by Long-Term Bitcoin Holders Despite Market Tumble

Bitcoin’s drastic purchases reached a limb even while the price of BTC spiralled down to $49,600 per unit on August 5, 2024, which registered more than $1 billion in liquidations across crypto-aggressive derivatives markets.

Currently, the price of Bitcoin wouldn’t move too far away from $60,400, down 1.82% in the last seven days but up 0.8% in the last 24 hours. Investors aren’t scrambling to get out, a fact that seems to be steadying the market.

The move speaks volumes about how long-term Bitcoin holders are highly confident that the recent price drops are very temporary and not the end of Bitcoin’s uptrend.

75% of Bitcoin’s Supply Held by Long-Term Investors

Data from blockchain analytics firm Glassnode has the latest figure representing that long-term Bitcoin holders are now in control of a record 75% of Bitcoin’s circulating supply. This shows that holders are viewing the present dip as some sort of small interlude in Bitcoin’s overall rise.

Following the chaos on August 5, Bitcoin rebounded 4% the next day, indicating more gains could be in store. While the recovery remains somewhat unstable at the moment, there are signs that Bitcoin may regain its strength and probably even start another rally toward the end of this week.

In March, Bitcoin price surged to an all-time high of $73,800. However, the selling at that time was not led by long-term Bitcoin holders. The Bitcoin price has moved between $50,000 and $70,000 ever since then, proving that the investors did not lose faith in the cryptocurrency’s long-term prospects.

Bitcoin bitcoin price BTC holders Long-Term Bitcoin Holders

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Long-Term Bitcoin Holders Remain Optimistic Amid Market Volatility