Are Long Term Bitcoin Investors Holding Or Panic Selling After The -53% Crash?

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par2eagle
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#bitcoin #crypto #cryptocurrencies
I explain how long-term Bitcoin investors (HODLers) behaved during this recent -53% Bitcoin crash. Step by step.

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Here’s how long-term Bitcoin investors behaved on this recent -53% Bitcoin crash. Generally, HODLers are happy to hold through the volatility and happy to wait out any dips. They also have longer time horizons so whatever happens to their investments - they are not overly worried as long as they are profitable in the long run.

However, on this recent Bitcoin crash, on-chain analytics show that some long-term investors capitulated and sold their holdings at a loss. This is interesting because we’ve seen this panic selling investor behaviour before. That is, when Bitcoin was ranging in its accumulation period before it rallied towards $13,900 upon breakout. It was during this time that Spent Output Profit Ratio showed that long-term Bitcoin investors were selling at a loss, despite Bitcoin bottoming out during that period. In other words, people who HODL during that time sold near the bottom.

It’s interesting to see that we are seeing some HODLer capitulation during this time as well. And if miner capitulation metrics are anything to go by, then HODLer behaviour at these current BTCUSD price levels could also indicate that a bottom may be forming. Not necessarily at current levels, but it’s important to observe on-chain analytics and tie in metrics of miner capitulation and this particular HODL behaviour to build a broader picture of understanding in trying to time the Bitcoin bottom.

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