A vast majority of wallets did not sell Bitcoin for a year amid the bear market.
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On-chain measurement suggests that despite the catastrophic bear market the majority of BTC traders have been hodling for more than a year.
While on-chain signals remain pessimistic for BTC, 62% of wallets which is a vast majority of wallets did not sell Bitcoin for a year or more, according to statistics from the trade analysis platform TipRanks. However, 32% of wallets were found to have been kept for a month to a year. Finally, just 6% had been holding for less than a month.
Apart from holding, the website also displayed its appraisal on the profitability of Bitcoin holding. According to the statistics, 48% of current holders are in profit, while the remaining 48% are in loss. The statistics also revealed that the remaining 4% are neither profitable nor losing money.
While the price of Bitcoin has recently dropped, about a quarter of the circulating quantity has remained in wallets. On August 18, on-chain data revealed that 24% of BTC supply has stayed undisturbed for at least 5 years, implying that long-term holders had no plans to sell, particularly during a down market.
According to a new poll conducted by market research firm Appinio, 55% of crypto investors stuck onto their crypto assets despite recent big sell-offs in the crypto market. 40% of poll respondents feel Bitcoin is still the best investment prospect in the next three months.
Meanwhile, Zach Burks, the founder of the NFT marketplace Mintable, recently discussed his crypto adventure and trading approach. Burks’ ambition is to continue stacking Ether (ETH) until he can afford to buy a big boat. The creator of the marketplace stated that he is still holding.
Burks And His Yacht Dream
Mintable entrepreneur Zach Burks detailed his journey from being destitute and jobless to launching a nonfungible token (NFT) marketplace in a Twitter discussion. Burks discovered Bitcoin (BTC) in 2012, when it was trading at $5.50 on the now-defunct crypto platform Mt. Gox.
Burks has continued to acquire and trade cryptocurrency since then. The Mintable founder revealed at one time that he had moved from trading BTC to acquiring Ether (ETH).
“My goal was only to collect ETH and never sell until I can buy a mega yacht. I still haven’t cashed out,” he wrote.
Moving forward, the CEO stated that the Mintable NFT marketplace is now worth hundreds of millions of dollars, with a constantly increasing staff. Finally, Burks offered some advice to others.
“Take chances. Never sell your crypto. Learn to use your brain,” he is reported to have said.
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