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While the world of cryptocurrencies experiences turbulent times, long-time Bitcoin investors aren't letting go. Not only are they holding their ground, but they're also steadily buying more of the popular digital asset. This pattern was outlined in a recent weekly analysis by Bitfinex, a notable cryptocurrency exchange.
In the report, Bitfinex emphasizes that 40% of Bitcoin hasn't moved in over three years, an all-time record for such inactivity. This suggests that long-time investors are confident in the long-term value of Bitcoin, despite the ebb and flow of market conditions. Moreover, since March 2023, these investors have been steadily growing their holdings, a sign that they see a brighter future despite market fluctuations.
Not everyone is on the bullish boat, though. Investors who have been in the Bitcoin game for a shorter time, especially those who bought in during a bear market, appear to be less steadfast. Bitfinex points out that some of these relatively newer holders sold off their Bitcoin assets when prices dipped to a low of $29,000 in July.
The crypto market as a whole is going through a relatively quiet period. Gone are the days of media hype and sky-high retail interest. Additionally, futures and options traders in the crypto market seem to be preparing for a bearish outlook, expecting Bitcoin prices to plunge to as low as $22,000—a more than 15% fall from its current position.
The Bitfinex analysis arrives at a time when the crypto space is facing a period of low volatility, without any significant positive triggers on the horizon. Despite these conditions, the unshaken faith of long-time Bitcoin holders could indicate that the foundational belief in Bitcoin's long-term potential remains strong.
