62% of wallets didn’t sell BTC for a year amid the bear market

Savers are either eager to protect or even enhance their reserves. For them, these are challenging times. This is because of uncertainties along with volatility stalking fiat and cryptocurrency economies. In this world of fiat, there is soaring inflation. A recession threat is also present. The sector of cryptocurrency saw the viability of high-profile stablecoins that were called into question. This is because BTC’s price plunged. Yet, despite the current market travails, BTC still offers people the perfect way to preserve their entire fund over the long term. It is till the time they themselves are having custody.

The majority of traders held BTC for a year or more. Thirty-two percent held it for a month up to a year. Six percent held it for less than one month. It is as per the data. Despite all the uncertainties that the bear market brought, on-chain metrics showed that most BTC traders were using a simple trading strategy. It was for over a year: Hodling.

The current market update on Bitcoin

As per data from some trading analysis platforms, on-chain signals stay bearish for Bitcoin. Sixty-two percent of wallets held Bitcoin for a year or more. For a month to a year, 32 percent of wallets were held. Six percent held for less than one month.

Apart from holding, there was a precise analysis of profitability in BTC holding. As per the data, among the present holders, 48 percent are in profit while the same number of holders suffered a loss. The data highlighted that the rest 4 percent are not even in profit or loss.

The price of BTC experienced many dips to date. Nearly a quarter of the supply circulating stayed in crypto wallets. On 18th August, on-chain metrics made it clear that 24 percent of Bitcoin supply was untouched for at least five years. It suggested that any long-term holder has no such intention of selling. It was mainly at the time of a bear market.

Recently a survey that was conducted showed a few things. Fifty-five percent of cryptocurrency investors held onto their investments even after the recent vast sell-offs within the cryptocurrency market. Among all survey participants, 40 percent believe that BTC is still an excellent opportunity for investment in the upcoming three months.

Crypto wallets and Bitcoin

Recently NFT marketplace Mintable’s founder Zach Burks shared his cryptocurrency journey and his trading strategy. As per him, he aims to keep stack Ether until he can afford to purchase a mega yacht. The founder of the marketplace highlighted that he is still holding.

In less than one month, the mining industry of Bitcoin witnessed a 68.63 % increase in its revenue of mining. BTC mining revenue increased by almost 69 % in August in comparison to July. On 13th July, revenue was nearly $13.928 million. It was $23.488 million on 12th August. Miners have been experiencing financial challenges since this year’s start. It happened due to bearish sentiments in the cryptocurrency market. It happened due to bearish sentiment in the cryptocurrency market. It impacted miners’ cryptocurrency earnings when converted to US dollars. Concerns of investors grew with the crash of the cryptocurrency market. The cryptocurrency ecosystem saw many breakdowns. It also saw failed investments. Everything resulted in lower Bitcoin mining returns over the year.

Bitcoin will deliver upside for its investors. BTC is and will experience volatility periods. It will witness bear markets. Yet it is expected. It is part of the process of BTC becoming a worldwide, neutral monetary standard. Bear markets are considered to be a natural occurrence. BTC is the conservative investment option for individuals in search of making their money grow in the long term.

Conclusion

In this world, inflation runs unchecked. Central banks’ ability to combat inflation is still questionable. BTC offers a lifeboat for all savers. They come with a clear option between two options. One is that fiat currencies are constantly debased by all people in charge of running the banking system. The other one is BTC, a democratized monetary good giving people ultimate empowerment and control of their financial lives.  Check out critical features of bitcoin  for trading the smarter and easier way.