In a big relief amid the crypto market crash, the supply of bitcoins that have been held for more than half a year has reached a record high of about 76.5%, as per Glassnode. These figures will look rejoicing to any crypto enthusiast. This also indicates that the majority of the investors who bought BTC more than half a year ago are hodling it rather than panic selling.
BTC Hodlers hits ATH
However, the update also added that the current supply of bitcoins that have been held for more than 10 years is about 12.6% which is about 2.39 million BTC.
According to Glassnode, the supply of bitcoins that have been held for more than half a year has reached a record high, about 76.5%; the current supply of bitcoins that have been held for more than 10 years is about 12.6%, about 2.39 million BTC. pic.twitter.com/04DohJfPSC
— Wu Blockchain (@WuBlockchain) February 22, 2022
As the graph suggests, there has been a transforming change in the mindset of the investors as they are now treating it as a long-term investment over booking their profits. However, this also suggests that investors are willing to wait amid this crypto market crash.
Russia-Ukraine crisis to hit crypto market?
Bitcoin and other cryptocurrencies have witnessed a free fall in the market as the Russia-Ukraine crisis escalates. As per reports, Russia has deployed its troops to the eastern regions of the country. Meanwhile, Russia holds around 12% of the total crypto mining happening in the world.
The bitcoin price has plunged by 2.73% in the last 24 hours. The world’s largest cryptocurrency is trading at an average price of $37,539 at the press time. Meanwhile, BTC’s 24-hour trading volume has seen a surge of 34%. The market cap of the cryptocurrency fell to around $711 billion.
If this escalates further all kinds of markets including crypto can suffer in the long term. The US markets will be minorly affected by the Russian-Ukrainian crisis. The US does comparatively less business with Russia than Europe. A war can hit Europe massively, while Germany completely depends on Russian gas and oil.
The Russian-Ukrainian war crisis would not affect the BTC and other major crypto coins. It is expected that Bitcoin prices would behave like it behaved when covid19 hit the world in March 2020. A dip in the price will be recovered but with a medium-term trajectory.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.