21.5% Of Bitcoin Owners Are Hodlers Despite BTC Price Scares

Dalmas Ngetich

Last Updated: June 11, 2024 1:44 pm

2 mins read

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Bitcoin (BTC) sinks 5.1 percent in the last day
Holders are steadfast, 21.5 percent of all BTC in circulation static in the last half a decade

In an independent research, Delphi Capital now reveals that holders are unmoved even by the recent Bull Run. Overly, it is a good sign that over 21.5 percent of all BTC in circulation are secure. It’s a sign of confidence, especially now that bulls are cooling off in a correction.

Bitcoin Price Analysis

Fundamentals

Coinciding with Yen, CHF and gold revival, Bitcoin’s rally was significant. Despite criticism, Bitcoin is gradually emerging as a reliable store of value regardless of historical price fluctuations.

Even though the same volatility tick traders, fund managers and the wealthy seeking safe refuge for their rightly accrued wealth are funneling their stash to Bitcoin. Timely entries could lead to extraordinary gains. On the other hand, buying the asset without a safety net could mean deep losses.

Nonetheless, what is attractive is Bitcoin’s stability. Secured by pitch-perfect distribution and decentralization, the network is robust and presently impervious. Add that to the trustlessness and the lack of intermediaries guaranteeing an autonomous system and that could explain the reason why 21.5 percent of all BTC in circulation are static, stored in a single address over the last five years.

A further 60 percent of all BTC, as per an analysis of UTXO (Unspent Transaction Output), are yet to be moved in the previous year. According to Delphi Capital, recent price swings also attracted new sellers. Outflows through to June also increased revealing that coin owners may be moving their stash offline in readiness of holding.

Candlestick Arrangements

Tumbling 5.1 percent from last week’s close, BTC sellers are in the driving seat. Although it is too early to draw conclusions, the temporary dip below $9,500 hint of fractures. Moving on, and in sync with previous BTC/USD trade plans, every pullback is technically a selling opportunity in days ahead.

Because of yesterday’s drawdown, sellers have a chance. Risk-off traders can capitalize on across the board panic sells while aiming at $9,500 and $7,500.

Such a move will confirm the double bar bear reversal pattern of June 26 and 27, as price action seeks to strike equilibrium following the over-pricing of June 26. That is when prices spiked, closing above the upper Bollinger Band (BB) complete with surging trade volumes marking a climax.

Technical Indicators

Overall sentiment is shifting, and bears may reverse gains. Posting superior gains in the first half of the year, buyers will be back in control if there are upsurges above $14,000. Accompanying this price rally must be high trading volumes exceeding 82k of June 26. On the flip side, dumps below $9,500 reaffirming sellers ought to be with similar participation levels.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.