A new research report indicates Bitcoin investors are holding onto their BTC and accumulating more as the halving approaches.
On-chain data from blockchain intelligence firm Glassnode shows 42.83% of Bitcoin’s circulating supply has remained locked in place for at least 48 months – a number that’s jumped 10.4% since April of 2019 despite the recent crypto crash.
“On-chain metrics suggest that investors are feeling optimistic in the weeks leading up to Bitcoin’s third halving… This year has seen the total number of addresses holding BTC grow by almost 25% with lower balance brackets are hitting all time highs – suggesting increased interest from the retail sector.”
In addition, Glassnode reports that there’s evidence that a significant number of traders used the steep price drop to go on a bargain-hunting spree.
According to the firm, the net number of holders actually increased in the second half of April, signaling traders may have “capitalized on the discounted BTC and increased their positions.”
After the crash that shook traditional and crypto markets on March 12th, Coinbase released internal data on the behavior of its traders. In the first 48 hours following the crash, the exchange says it saw $1.3 billion in cash and crypto inflows, which is five times the average. With those deposits, 67% of its retail traders bought crypto, up from the typical average of 60%.
