More Than 50% of Bitcoin Holders in Hope of a Bull Run

Statistics from Tiprank, A blockchain analytic firm reveal that 62% of Bitcoin Addresses still hold onto their BTC assets for more than a year.
The downtrends of the crypto market have led to 32% of investors selling their BTC holdings in the last 12 months.

The year 2022 turned what was thought of as a dream into a nightmare for the crypto community. The crypto market experienced a long trend of a bear market. The crypto gladiator, Bitcoin making a 70% decline far from its ATH of November 2021. Still, the immense pressure in the market does not seem to change the investors’ interest in Bitcoin.

Data from a blockchain analytic firm Tiprank show that 62% of BTC addresses continue to hold onto their crypto assets despite the ravaging crypto winter. Additionally, the firm revealed that 32% of investors lost a grip on their holdings by selling them in the previous 12 months.

The downtrend of the market brought forth immense selling pressure on investors and is continuing to. A previous report made by Glasnode noted

that BTC deposits at exchanges in terms of seven-day average moving have reduced to the 2-year low at 1,921 BTCs.

📉 #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 1,921.512

View metric:https://t.co/v3uKq4ea9v pic.twitter.com/fvl4c5j75n

— glassnode alerts (@glassnodealerts) August 25, 2022

It is clear the current crypto winter has surpassed the shambles of 2017 and 2019 in declining cryptos prices. The current crypto winter’s occurrence is courtesy of macro factors making it far different from 2017 and 2019 whose root source was because of a bubble burst.

The Terraluna collapse and the 22% Nasdaq sell-off disrupted the market sentiment. The attempts made by the U.S U.S. Federal Reserve to control inflation by increasing rates. As the rates go up so as the sell-offs leading to a drop in prices.

Fed’s Remarks vs Bitcoin Price.

In the current crypto climate, the crypto gladiator is struggling to keep its head above the $20,000 mark. The feds’ remarks stand as part of the reason why BTCs’ price hasn’t made a move. At the time of writing, BTC is trading for $20,132.31 a 1.03% increase in the last 24 hours.

In June, the feds’ spike made BTC’s price go down to $20,000 but it soon showed signs of hope and later rose to hold the $25,000 mark.

Where else people are viewing the current market as the opportune time to buy cryptos. Mike McGlone, the senior commodity strategist at Bloomberg Intelligence opined that cryptos and gold would oversee a moment of resistance in H2 of 2022 as he stated;

if Stocks Are Going Limp, Bitcoin, Gold and Bonds Could Rule 2H — The propensity for Bitcoin to outperform most risk assets and gold most commodities, may play out in 2H, particularly if the stock market keeps succumbing to FederalReserve jawboning.”