Transfer volume from wallets increased from a peak of 8% in January 2021 to 0.4% in September 2022, according to analytics firm Glassnode. It is underlined that the dominant behavior of investors is refusing to sell their bitcoins “despite extremely uncertain global markets”. This was stated by Glassnode in its latest report, and the oldest coins are considered to be the most inactive.
According to Glassnode researchers, it is clear that those holding their bitcoins are not interested in selling at these price levels due to the volatility of the past year. First of all, they are the most experienced who have overcome several previous bearish cycles.
The report claims that “almost all market activity is driven by young coins that have repeatedly changed hands.” So, the price of the coin fluctuates mainly due to the movements of those who bought bitcoin less than 6 months ago.
Detail: glassnode.com
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
