Bitcoin Increasingly Being Used as ‘Buy-and-Hold’ Asset: Bitfinex Report

Bitcoin turned higher this week, recording a modest 2% gain. While the largest crypto asset continues to languish below several key levels, the holders’ accumulation over the past several weeks suggests that it is “increasingly being used as a buy-and-hold asset.’”

  • According to Bitfinex’s latest report, over 68.45% of the total supply, amounting to 13.27 million of the 19.4 million BTC in existence, have not moved in over a year.
  • This growing trend of investors holding strongly demonstrates a changing attitude towards Bitcoin ownership.
  • Another important indicator that underlined the prevailing trend of long-term accumulation is the number of ‘Wholecoiner’ addresses crossing the one million mark this week.
  • These Wholecoiners can be defined as entities or individuals possessing at least one entire BTC and constitute a substantial segment of the Bitcoin community.
  • Data indicates that these investors have been gradually amassing since mid-2021, and there has been almost no notable reversal in the upward trajectory of 1-BTC wallets ever since.
  • The trend became even more pronounced in 2022 as the market plunged, and this cohort saw a 20% increase as a result.
  • Reiterating its previous analysis that Bitcoin could be in the early stages of a bull market, Bitfinex added,

“Despite the current market downturn, long-term Bitcoin holders remain undeterred. The increasing trend of long-term holding, coupled with the rise of Wholecoiners and the benefit to miners from increased transaction fees, paints a picture of a resilient Bitcoin ecosystem.”

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 93,811.13 3.29%
Ethereum (ETH) $ 3,234.75 3.63%
Tether (USDT) $ 0.997209 0.17%
XRP (XRP) $ 2.13 4.92%
BNB (BNB) $ 645.59 2.91%
Solana (SOL) $ 177.01 3.35%
Dogecoin (DOGE) $ 0.305151 4.48%
USDC (USDC) $ 0.997343 0.22%
Lido Staked Ether (STETH) $ 3,232.59 3.67%
Cardano (ADA) $ 0.864166 4.16%