Bitcoin is increasingly being used as a ‘buy-and-hold’ asset: Bitfinex report

Bitcoin soared higher this week, registering a modest 2% gain. While the largest crypto asset continues to slide below several key levels, the accumulation of holders over the past several weeks suggests that it is “increasingly being used as a buy-and-hold asset.”

• According to the latest from Bitfinex reportsMore than 68.45% of the total supply, amounting to 13.27 million of the 19.4 million BTC in existence, has not moved in over a year.
• This growing trend of investors strongly demonstrates the changing attitudes towards bitcoin ownership.
• Another important indicator that underlines the prevailing trend of long-term accumulation is the number of ‘Holecoiner’ addresses that crossed the one million mark this week.
• These wholecoiners can be defined as entities or individuals holding at least one whole BTC and form a substantial part of the bitcoin community.
• Data indicates that these investors have been slowly accumulating since mid-2021, with almost no notable reversals in the upward trajectory of the 1-BTC wallet since then.
• This trend became even more pronounced as the market halved in 2022, and this group saw a 20% increase as a result.
• Reiterating its previous analysis that bitcoin may be in the early stages of a bull run, Bitfinex said,

“Despite the current market downturn, long-term bitcoin holders remain unaffected. The growing trend of long-term holding, combined with the rise of holecoiners and the profits made by miners from increased transaction fees, paint a picture of a resilient bitcoin ecosystem.” Presents.

Bitcoin soared higher this week, registering a modest 2% gain. While the largest crypto asset continues to slide below several key levels, the accumulation of holders over the past several weeks suggests that it is “increasingly being used as a buy-and-hold asset.”

• According to the latest from Bitfinex reportsMore than 68.45% of the total supply, amounting to 13.27 million of the 19.4 million BTC in existence, has not moved in over a year.
• This growing trend of investors strongly demonstrates the changing attitudes towards bitcoin ownership.
• Another important indicator that underlines the prevailing trend of long-term accumulation is the number of ‘Holecoiner’ addresses that crossed the one million mark this week.
• These wholecoiners can be defined as entities or individuals holding at least one whole BTC and form a substantial part of the bitcoin community.
• Data indicates that these investors have been slowly accumulating since mid-2021, with almost no notable reversals in the upward trajectory of the 1-BTC wallet since then.
• This trend became even more pronounced as the market halved in 2022, and this group saw a 20% increase as a result.
• Reiterating its previous analysis that bitcoin may be in the early stages of a bull run, Bitfinex said,

“Despite the current market downturn, long-term bitcoin holders remain unaffected. The growing trend of long-term holding, combined with the rise of holecoiners and the profits made by miners from increased transaction fees, paint a picture of a resilient bitcoin ecosystem.” Presents.