Glassnode recorded Bitcoin sales growth: final surrender still possible
According to the analytical company, the geopolitical uncertainty associated with the U.S. Federal Reserve's policy affected the cryptocurrency market.
Long-term bitcoin investors boosted sales, analysts said in their new report. They explained that uncertainty associated with geopolitics and the Fed's policy weakened cryptocurrency accumulation among holders. The share of coins bought six months ago, and even earlier has reached 5%, which is not typical for the previous few months.
They said that the high percentage of coins accumulated by short-term holders made it impossible to presume the "final surrender." At the same time, the hodlers' behavior does not signal a loss of confidence, they still mostly accumulate bitcoins.
The company recalled that there came a surrender phase of buyers before the end of previous bear cycles. However, the current situation is that investors are increasingly looking at bitcoin as a relevant asset. This is evidenced by the outflow of bitcoins in Coinbase wallets, as experts believe. The balance of the cryptocurrency exchange fell to 375.5 thousand BTC due to the record outflow since July 28, 2017.
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