Even though the bear market has made things uncertain, on-chain metrics show that most Bitcoin (BTC) traders have been using a very simple trading strategy called “holding” for more than a year.
According to data from TipRanks, on-chain signals for BTC are still negative, but 62% of wallets have held BTC for a year or more. On the other hand, it looks like 32% of wallets have been held for a month to a year. Lastly, there are only 6% of people who have been holding for less than a month.
Related: Bitcoin’s desperation for a saviour
The site also showed its analysis of how profitable it was to hold Bitcoin. Based on the data, 48% of the current holders are making money, and the same number are losing money. The data also showed that the other 4% are neither making money nor losing money.
Even though the price of Bitcoin has dropped a few times recently, almost a quarter of the coins in circulation stayed in wallets. On August 18, on-chain metrics showed that 24% of BTC supply hadn’t been touched in at least five years. This suggests that long-term holders have no plans to sell, especially when the market is down.
Related: Bitcoin’s “liveliness” is at its lowest level since 2021, and the number of BTC being held is at its highest level in five years.
A recent survey by the market research platform Appinio showed that 55% of crypto investors kept their investments despite the massive sell-offs that have happened recently in the crypto market. 40% of the people who took the survey still think that Bitcoin is the best way to invest in the next three months.
Related: Bitcoin Falls Below $20,000 as the Fed’s Hawkishness Weighs on CryptocurrencyÂ
The founder of the NFT marketplace Mintable, Zach Burks, recently talked about his crypto journey and how he trades. Burks says that his goal is to keep accumulating Ether (ETH) until he has enough money to buy a mega yacht. The founder of the market pointed out that he is still holding.
