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Are Bitcoin HODLers, retailers at crossroads over BTC’s future growth



Source: Unsplash

On 26 September, as per Glassnode, a crypto analytics company, the Coin Days Destroyed(CCD) metric of BTC was at an all-time low.

This statistic implied that despite the bearish movement of BTC, long-time holders were staying put and were HODLing their supply.

Source: Glassnode

Evidently, long-term HODLers of Bitcoin have renewed faith in the king coin, and there is a possibility that they are expecting a positive turn for the future.

Furthermore, coins aged more than three months accounted for an all-time high of 86.3% of all USD wealth held by the BTC supply.

Source: Glassnode

There are some other factors as well that indicate an increase in investors’ interest in HODLing Bitcoin.

As can be seen from the image below, the graph showcased a decline in the number of active addresses in the past few days. This somewhat suggested a decrease in the number of transactions on the Bitcoin network.

Furthermore, the declining velocity of the coin indicated that there has been less movement of Bitcoin through different wallets.

Source: Santiment

Even though long-term holders of Bitcoin, seem to be optimistic about the future of the coin, there are some factors that investors need to consider before getting into a trade.

Bitcoin’s MVRV ratio has been in the red over the past few weeks, a further bearish movement can’t be ruled out.

Moreover, there has been a massive drop in the exchange outflow of Bitcoin. It simply means that there has been a sharp drop in the interest of retail investors when it comes to buying BTC.

Source: Santiment

That being said, Bitcoin’s mining revenue has depreciated by 29.95 % over the past seven days. And, its average difficulty has grown by 13% over the last month.

Well, at the time of writing, Bitcoin traded at $18,783 after depreciating by 1.37% in the last 24 hours. It remains to be seen whether Bitcoin HODLers will make a profit in the coming quarter.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.