Hello dear and loyal readers, let this occasion serve to share with you all contextualized information on events unfolding in the cryptocurrency market, specifically on Glassnode reports new investors are refusing to sell their Bitcoin.
According to Glassnode, Bitcoin's price action is in the hands of new investors, and these new players in the cryptocurrency market are refusing to sell in spite of repeated price action reversals due to the instability of global markets as a result of the Fed's interest rate hikes.
Investors who have held Bitcoin for more than 6 months have slowed their sales of the cryptocurrency, recording all-time lows in movements. According to analytics firm Glassnode, their volume of transfers out of their wallets went from its peak of 8% in January 2021 to 0.4% in September 2022.
Thus, it highlights that the dominant behavior of investors shows refusal to sell their Bitcoins, "despite extremely uncertain global markets". This was stated by Glassnode in its latest report, deepening that the oldest coins are the ones that have been most inactive.
It is clear to Glassnode researchers that those who have held their bitcoins through the volatility of the last year are not interested in selling at these price levels. It seems increasingly likely that the bitcoin hodlers who remain are strapped in and willing to go wherever the ship takes them.
SOURCES CONSULTED
Glassnode. The Great Detox. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Glassnode
