It seems like Bitcoin holders are now motivated than ever to make long-term commitment to BTC. As time goes by, despite heavy fluctuations and all kinds of regulations, Bitcoin holders continue their shopping spree and hodl. Recently, the Bitcoin supply in exchanges hit a record low following the consistent accumulation phase. And this phase seems to be still in full force considering the recent numbers. As of April 2022, Bitcoin holders have $551,370,000,000 for a long-term investment.
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Bitcoin Holders for Life!
Blockchain analytics firm IntoTheBlock has pointed out a massive accumulation spree as holders rush to buy hundreds of billions of dollars.
The market intelligence agency stated in a report that long-term investors who have held BTC for at least a year went on a massive spree to buy even more. Specifically, during Q1 2022, investors the total Bitcoin for long-term holding reached a record high of nearly 12 million BTC. This is worth about $551.37 billion.
The spree kicked off in the last days of 2021, as BTC was just starting to come down from its new all-time high.
“Long-term investors now hold a record amount of nearly 12 million Bitcoin. This points to an accumulation phase kicking off after long-term players had been selling during the bull market, a pattern that has repeated several times with crypto asset ownership.
The long-term conviction of these addresses helps ease selling pressure and can help reinforce the belief of Bitcoin as a store of value.”
Bitcoin in 2022
Interestingly, despite all the massacre and trauma, Bitcoin finished Q1 right where it had started. Furthermore, according to the firm, BTC managed to outperform traditional equities in the same quarter.
“Bitcoin recovered most of its quarterly losses, while the S&P 500 and Nasdaq 100 ended Q1 2022 with returns of -3.4% and -7.65% respectively.”
Potentially, BTC’s performance can be moving toward Bitcoin solidifying itself as a haven asset. According to the firm, this outperforming of major stock indices could be a promising sign for that.
In the most uncertain times, Bitcoin crashed along with the rest of the market but managed to recover faster.
Bitcoin’s proposition as a global hedge to uncertainty remains unclear, though it is promising that throughout one of the toughest quarters, it outperformed.”
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