The size of Bitcoin (Bitcoin) The continued downward correction may not be as worrying as in 2018, which indicates the data shared by Glassnode.
Blockchain analysis company Report Compared with investors who have held digital assets for three to six months, investors who have held Bitcoin for more than one year are less interested in liquidation investments.Its data set covers the period of Bitcoin Corrected from around 65,000 USD Approximately USD 44,000 from April 14 to Monday.
On the other hand, all investor groups contributed to the 2018 BTC price plummeting from US$19,891 to US$3,128.
Since most “old coins” did not decide to ensure their year-on-year profit reached 275% even after the 35% downside correction, the Glassnode data suggests strong “Holding behavior“This may allow Bitcoin to escape a massive surrender event similar to 2018.
Glassnode pointed out:
“Despite a strong rebound to $45,000, the Bitcoin market still did not see a significant increase in the old coins (> 1 year). This is very different from the 2018 bear market, in which veterans withdrew from most relief rallies. Out of liquidity.”
Panic Sales Missing
Overvaluation leads to ICO frenzy It was the main reason for the collapse of the cryptocurrency market in 2018. Random startups raised billions of dollars to build blockchain platforms, but most of them ended up either steam software or scams.
when. . .when The bubble finally burst, The cryptocurrency market finally plummeted from USD 700 billion in January 2018 to USD 102 billion in December 2018. As a result, Bitcoin, one of the preferred currencies for start-up fundraising activities, fell by 85.27% from its historical high of $19,891 at the time.
Nevertheless, the rise in bitcoin prices in 2021 stems from the sound macroeconomic foundation, as investors seek safe havens under the loose monetary policies implemented by global central banks.Therefore, the central bank’s Efforts to protect the economy Last year, due to the financial consequences of the coronavirus pandemic, global debt exceeded US$281 trillion.
That is 355% of the global GDP. According to data from the Institute of International Finance, borrowings are expected to increase by another 10 trillion US dollars by 2021.
“People have less wealth and more debt. Pomp Investments partner Anthony Pompliano said in a statement that the devaluation of legal tender makes everything around us more expensive. notes To customers, add:
“The promise of Bitcoin is that we will usher in a new era of sound currency. Currency is outside the system. No one controls it. People will once again be able to save their financial freedom. Money will not depreciate over time. In fact, purchasing power will increase.”
Return of short-term investors?
Bitcoin’s recent rebound from below $30,000 to over $45,000 also coincided with a slight increase in the proportion of investors who bought the digital asset for the last time three to six months ago.
On July 19, when Bitcoin hovered around $30,000, the net unspent transaction output of the cryptocurrency’s 3 to 6 million investors was 12.84%. It soared to 13.44% on Monday. On the same day, Bitcoin was trading at approximately $45,130, indicating that weak hands are becoming stronger.
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