Bitcoin is still the preferred choice for long-term crypto owners despite losing almost 15% of its value over the past 10 days. Despite the market turmoil, large investors have accumulated the digital currency.
The cryptocurrency market has seen a significant drop in interest due to Bitcoin’s recent price decline. But, the long-term holders of BTC have seized the chance to be the dominant force. Glassnode’s recent report shows that Bitcoin holders have re-assessed their crypto assets after a short period of selling.
“After a short period of net spending following the November price peak in early November, maturation has once again assumed the role of price declines.” This is a typical trend that occurs when tourists/retailers leave the market. However, HODLers are still present and have generally lower forward price expectations.” Glassnode highlighted.
This latest trend is very similar to what the crypto market has seen over the past few years. Large investors often step in to acquire Bitcoin and other digital currencies, even if the market is in a correction.