Bitcoin speculators hodl 2.8M BTC in ‘worst performing’ price cycle
Bitcoin unrealized losses mount, but unlike previous market cycles, BTC hodlers underwater are keeping a lid on their emotions.
Bitcoin long-term holders are refusing to sell in the current BTC price cycle’s “deepest correction.”
In the latest edition of its weekly newsletter, The Week Onchain, crypto analytics firm Glassnode delivered good news on Bitcoin (
BTC
$57,151
) hodler resilience.
Glassnode praises “robust” Bitcoin market
Bitcoin may be experiencing its heaviest drawdown of the current bull market, but its “diamond hands” show no sign of panicking.
For Glassnode, “if we look at performance indexed to the date of the Bitcoin halving, we can see that the current cycle is one of the worst performing.”
“This is despite the market breaching to a new cyclical ATH prior to the halving event in April, which was the first time this has happened,” it summarized.
In contrast to some well-known capitulation events in Bitcoin’s recent history, Glassnode shows that long-term holders are sitting on their BTC. Even the recent trip to four-month lows of $53,500 for BTC/USD failed to shake their resolve.
“Looking at losses locked in by both Long-Term, and Short-Term Holders, we note that the loss taking events this week account for less than 36% of the total capital flows across the Bitcoin network,” the newsletter confirms.
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