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Bitcoin whales are not going to sell BTC at current prices: on average, they keep BTC 4.7 years

By World Crypto | World Crypto | 29 Apr 2020


Large whales of the crypto industry do not sell BTC for many years. This indicates that they are optimistic about the long-term prospects of the asset.

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For example, one of the largest whales, owning 68,000 BTC (almost $ 550 million), did not move its assets for more than five years. According to the blockchain, other major industry players do the same: on average, each whale stores BTC for 4.7 years.

Although Bitcoin is the most capitalized currency of the market, and whales keep it for many years in a row, this does not protect the asset from strong dumps. For example, on March 12, the price of BTC fell to $ 3,600, although the day before it was trading around $ 8,000. But even in such volatile periods, many whales do not use their long-term assets.

According to the latest statistics, whales prefer to store Bitcoins, despite the risk of a repetition of a dump to a long-term support level of $ 3000-$ 4000. All this can reassure smaller investors who decided to bet on the leading cryptocurrency.

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Recall that in April 2015, Bitcoin was trading in the range of $ 200 -250 $.

According to the latest statistics, both retail and institutional investors are actively buying BTC after intensive sales:

  • Coinbase analysts recently published a report that emphasized the fact that after the March dump of $ 3,750, retail investors immediately began to accumulate a leading crypto asset.
  • And the Grayscale report for the first quarter of 2020 confirms that there is a noticeable increase in demand for Bitcoin from institutional investors.

Another interesting fact: more and more new investors appear on the BTC market. This is how Glassnode analytics interpreted the growth statistics of the number of wallets with a non-zero balance:

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As investors accumulate BTC, the available market supply decreases, and this can weaken any downward trend in the future. It is assumed that under such conditions, over time, the stages of correction will become weaker and shorter.

At the moment, hype before halving is growing, today buyers pushed the BTC rate to $ 8000. Some analysts call the current growth speculative, so the probability of an unexpected and strong correction cannot be ruled out. However, the optimism of large bulls and the likely lack of desire to sell BTC from investors who bought the asset in mid-March, inspire hope that Bitcoin will not depreciate below $ 4000.

 

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World Crypto
World Crypto

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