There have been many analysts over recent weeks arguing that Bitcoin is clearly at a market top. As NewsBTC covered two weeks ago, one trader commented that the cryptocurrency is trading in line with a textbook “distribution” pattern.
BTC distribution analysis shared by trader “Cold Blooded Shiller” (@Coldbloodshill on Twitter). Chart from TradingView.com
Yet data shows that long-term investors are unfazed. Namely, a majority of respondents to an impromptu Twitter poll has revealed that they’re still long on Bitcoin.
Bitcoin Investors Continue to “Stack Sats”
On July 9th, pseudonymous BTC analyst “PlanB” conducted a poll via his Twitter account, followed by over 100,000. He asked his followers — which represent a good portion of Crypto Twitter — if they’re holding, buying, or selling Bitcoin.
The impromptu poll, which reached over 13,800 individuals, found that 65.6% of respondents are currently holding Bitcoin. 18.3% of the respondents are buying the cryptocurrency at the moment. And a mere 3.9% of the respondents are currently selling BTC.
Image of a BTC investor poll by PlanB, shared by PlanB (@100trillionusd on Twitter).
The investor said in response to the data that this should boost BTC:
Corroborated by On-Chain Data
The poll’s results have been corroborated by on-chain analysts.
On-chain analyst Philip Swift observed that more than 62% of all BTC in circulation has not moved in over a year. This is an all-time high and indicates that a majority of Bitcoin investors expect upside in the long run:
BTC 1 year+ HODL Wave indicator from on-chain analyst Philip Swift (@PositiveCrypto on Twitter)
This has been further corroborated by Rafael Shultze-Kraft, the CTO of Glassnode. Glassnode is a blockchain analytics firm.
He found that addresses deemed “HODLer” addresses are accumulating Bitcoin, BTC’s velocity has hit 10-year lows, and Bitcoin is being withdrawn from exchanges en-masse.
All things considered, it seems that the name of the cryptocurrency game is accumulation and holding.
Related Reading: This Unexpected Metric Shows That Crypto Is in a Booming Bull Market
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com 84% of Crypto Twitter Is Buying or Holding BTC, Boosting Bull Case
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