Despite the bearish sentiment experienced in Bitcoin (BTC) market, long-term hodlers remain steadfast because they are not selling.
Market insight provider Glassnode explained:
“Over 80% of the total USD denominated wealth invested in Bitcoin has been hodled for at least 3-months. This signifies that the majority of the Bitcoin supply is dormant, and hodlers are increasingly unwilling to spend at lower prices.”
This correlates with the fact that Bitcoin’s balance on exchanges recently Attained a 4-year low. BTC leaving crypto-exchanges symbolises a hodling society, as coins are often moved to cold storage and digital pockets for future purposes.
Hiding is still a favorite strategy in the Bitcoin marketplace.
Despite the fact that Bitcoin has been steadily consolidating around the $20K psychological price, no signs of a Bitcoin bottom are yet to be seen.
Market analyst working under the pseudonym Tajo crypto pointed out:
“No one knows what price Bitcoin will bottom, but after Bitcoin hit $17K on June 18th, Bitcoin hasn’t retested that level. Bitcoin isn’t certain $17K will be the bottom. However, Bitcoin has fallen massively and could bottom at any moment and begin reversing. Many will be taken unawares.”
Glassnode also shared similar views recently. They believe that it takes more time for a bottom to form. Market intelligence provider :
“For a bear market to reach an ultimate floor, the share of coins held at a loss should transfer primarily to those who are the least sensitive to price, and with the highest conviction.”
Glassnode believed most BTC held at losses had to be transferred long-term holders in order to form an ultimate floor.
According to CoinMarketCap, Bitcoin fluctuated between $21,395 and $21,395 in intraday trading. CoinMarketCap.
The Bitcoin Lightning Network continues to grow. hitting A new all-time record (ATH) of 4,208 BTC was set.
The growth witnessed on the Lightning Network is happening amid Bitcoin’s price being on shaky grounds, suggesting that the development for adoption continues to take shape.