RATE Group | Bitcoin (BTC) HODLers Unfazed by Dump to $7,300 and Pump to $10,500
66719
post-template-default,single,single-post,postid-66719,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin (BTC) HODLers Unfazed by Dump to $7,300 and Pump to $10,500

27 Oct Bitcoin (BTC) HODLers Unfazed by Dump to $7,300 and Pump to $10,500

Posted at 21:46h in Bitcoin News by

[ad_1]

After weeks of non-volatility, Bitcoin (BTC) finally saw some action over the past week. In fact, the cryptocurrency traded at both $7,300 and $10,600 in the past five days. Crazy, right?

Despite this immense volatility, which liquidated hundreds of millions of dollars worth of BitMEX positions in the process, long-term cryptocurrency believers are seemingly unfazed. Entirely unfazed.

According to a recent tweet from Rafael Schultze-Kraft of cryptocurrency analytics platform Glassnode, “HODLers keep on HODLing.” He remarked that on average, “only 1.7% of spent outputs (essentially coins sent) this month were older than six months.” To put it in other words, 98.3% of all “on-chain activity [this month] was due to UTXOs created within the last half-year.”

To condense the importance of this statistic into a single line, Schultze-Kraft added: “Despite the crazy price action this week, hodlers keep on hodling.”

[ad_2]

Source link

Tags:
, , , , , , ,