Researchers discovered that over the past several months, long-term investors, or so-called hodlers, have been accumulating bitcoins.
They gathered a record number of cryptocurrencies by profiting from the BTC rate crash that occurred in the spring and summer of 2022. Around 13.7 million coins, or 71.5% of all bitcoin available today, are in the hands of hodlers.
Investors that keep cryptocurrencies for more than 155 days are referred as hodlers. A 2.19% increase of such wallets was seen over the course of the year.
Due to the decreased supply of BTC on the exchanges, the amount of BTC held by hodlers reduces the pressure on the asset.
Additionally, analysts think that the cryptocurrency is oversold, meaning that the sellers have virtually used up all of their available supply. Buyers must now reenter the market.
Growth won’t likely be aggressive, though. As a result of the detrimental effects of macroeconomic conditions, it will probably be moderate.
The Bitcoin bull camp is represented by Cathy Wood, CEO of Ark Invest. She predicted that over the following five years, BTC will increase to above $500,000.
