Crypto Analytics Firm Says Bitcoin Hodlers’ Resolve Remains Rock Solid
I do not think anything could shake believers in Bitcoin’s faith in it, especially those who have seen these times and their reversals before.
Blockchain analytics platform Glassnode says that the faith of the long-term Bitcoin (BTC) investors remains unshaken.
Glassnode says that it is keeping a close watch on the Dormancy metric, which tracks the average age per unit of BTC moved.
According to the analytics firm, low dormancy values means the coins being spent are relatively young, suggesting that older coins are generally unspent.
Glassnode says the average age per BTC is currently at multi-year lows, indicating that the crypto downturn has done little to destroy the conviction of long-term Bitcoin investors.
“…it is quite clear that no widespread loss of HODLer conviction has taken place.
The decline in lifespan metrics actually bodes well for the longer-term, as it indicates old coins are stationary, and declining prices have little psychological impact on this cohorts’ conviction.”