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The Bitcoin market has undergone remarkable evolution, and investors are less inclined to sell their cryptocurrencies. This trend shows growing confidence in BTC's long-term potential, despite its continued volatility.
Bitcoin becomes more scarce as sales decline
On-chain data reveals surprising statistics. In October 2024, less than 10% of Bitcoin holders were willing to sell their holdings. This figure represents a dramatic decline from 26% in mid-2021 and 64% in 2013. This evolution shows growing confidence in Bitcoin's long-term potential, despite its notorious volatility.
This “HODL” (Hold On for Dear Life) trend is seen among both long-term investors and short-term holders who hold Bitcoin for more than six months.
This phenomenon is even more pronounced as Bitcoin has experienced significant volatility, falling 15% from its all-time high in March 2024, but rising nearly 150% since the beginning of the year.
The sell-off continues in the face of normal crypto market cycles, suggesting that Bitcoin holders are becoming increasingly long-term oriented.
Factors behind this new movement
The approval of Bitcoin spot ETFs in the US in early 2024 played a key role in this evolution. ETF issuers currently manage more than $57 billion in Bitcoin, and giants like BlackRock manage more than $21.5 billion in assets.
Moreover, the options market reveals another side of this trend. Blockstream CEO Adam Back pointed out that there are no options with expirations of more than one year, reflecting the reluctance of traders to sell call options that are quickly snapped up by the market. emphasized.
This new movement in the Bitcoin market reflects the growing maturity of the cryptocurrency ecosystem. Both retail and institutional investors seem to be adopting a long-term vision, increasingly recognizing BTC as a store of value rather than just a short-term speculative vehicle.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
