Bitcoin HODL Reaches 5-year High Despite Bears Dominance

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  • Since the beginning of 2017, a total of 7,495,059.588 BTC have been held in ‘HODL’. 
  • Expert cautioned investors to hold off on buying BTC at the present time.

As Bitcoin struggles to make a meaningful positive move this year, the cryptocurrency markets are putting investors to the test. It has been nine months since the top cryptocurrency last had a rally, and in that time its value has steadily declined. ‘Hodling’ is one of several tactics investors are considering as they try to manage their money in light of the continuous downturn markets. The majority of Bitcoin owners, according to the data, practice the ‘hodl’ mentality and want to retain their coins for the foreseeable future.

According to information compiled by Glassnode, the quantity of Bitcoin ‘HODLed’ on Friday was the most it has been in five years. There are now almost 7.5 million Bitcoins stored in various wallets, with a total estimated value of $143.74 billion.

Bears in Charge

Since the beginning of 2017, a total of 7,495,059.588 BTC have been held in ‘HODL‘. 7,495,059.588 BTC have been held or lost, a record high for the time period tracked. On October 19, 2020, trading volume hit a new all-time high of 7,494,986,961 BTC, according to a tweet from Glassnode.

It’s important to note that the 7.5 million Bitcoins represent a combination of ‘HODLed’ and lost currencies. There have been several instances when investors have misplaced their seed phrases and have not been able to retrieve their Bitcoins.

Now that Bitcoin has repeatedly hit $18,500, many industry experts believe that now is a good moment to acquire BTC. Crypto expert Jim Wycoff cautioned investors to hold off on buying BTC at the present time.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.