RATE Group | Data Shows Switch From ‘Hodlers’ to Speculators in Bitcoin in Last 6 Months
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Data Shows Switch From ‘Hodlers’ to Speculators in Bitcoin in Last 6 Months

08 Jun Data Shows Switch From ‘Hodlers’ to Speculators in Bitcoin in Last 6 Months

Posted at 17:17h in Bitcoin News by

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Data from Chainalysis shows that the amount of Bitcoin owned by long-term investors is now almost equalled by short-term speculators, according to Financial Times report June 8.

Chainalysis is a blockchain research company that analyzes “connections between entities on the Bitcoin blockchain.”

Since December 2017, the amount of Bitcoin held by day traders has risen to 5.1 mln BTC, almost equaling the amount held by long-term investors — those who have held the coins for more than a year — which equals about 6 mln BTC, in what has been called Bitcoin’s “liquidity event.”

The Chainalysis data, which was shared with the Financial Times, also shows that “[Bitcoin] trading volumes have now fallen in tandem with the prices, from close to [$4 bln] daily in December to [$1 bln] today.” Philip Gradwell, the chief economist at Chainalysis, believes this sudden rise in liquidity has been a “fundamental driver” behind Bitcoin’s recent decline in price.

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