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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market Panic Selloff Barely Fazed Long Term Holders

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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Created by industry experts and meticulously reviewed
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Last week, the crypto market experienced a deadly selloff that took most of the digital asset prices down by 50% or more in most cases.

The selloff, however, was mostly fueled by short-term investors, leaving those in crypto for the long-term mostly unfazed by the recent collapse.

Latest Panic Selloff Was Mostly Short-Term Investors Panicking

The massive selloff across traditional markets spilled over into the crypto market last week, as the coronavirus reached pandemic status and fears of a recession began to grow.

But the selloff was almost entirely fueled by short-term investors, according to on-chain data.

Related Reading | The Coronavirus May Be The Best Reason Yet To Own Bitcoin 

Crypto market data aggregation firm Coin Metrics has released a report studying “old coins that have come back into circulation after being untouched for a specific  period of time.”

The report reveals that roughly 281K BTC was moved that were previously untouched for over 30 days, while the amount of BTC untouched for a year or more that was suddenly moved on reached 4,131 BTC.

This suggests that almost all of the sellers were near-term holders, likely buying the asset in late December in anticipation of that asset’s value increasing ahead of the halving this May.

Notably, the selloff was the fourth largest increase in BTC held over 30 days suddenly on the move during the last eight years.

bitcoin crypto

Crypto Investors HODLing Bitcoin Strong In Face of Recession

But why are crypto investors continuing to hold Bitcoin and other crypto-assets despite the recent selloff, and a world about to enter a recession? Theories are mixed.

There continues to remain a subset of long-term believers in the asset class, who adhere to the “hold on for dear life” mentality.

There’s also a portion of cryptocurrencies that are lost on the blockchain forever, hidden behind a misplaced or forgotten private key.

Many more may have also purchased cryptocurrencies in bulk during the height of the crypto bubble, but after seeing their values drop by 99% or more, they simply wrote them off for good and forgot they even exist.

But because Bitcoin’s value is a lot higher than other crypto assets, there must be more at play with the number one cryptocurrency by market cap.

Related Reading | How Bitcoin Is the Answer to The Questions Everyone Should Be Asking Ahead of Crisis

With Bitcoin, investors may be holding on tighter than ever in the face of a possible recession, as Bitcoin’s true value could finally shine amidst the darkness.

Bitcoin was designed to be deflationary, decentralized, and unable to be seized. In the bleakest of circumstances, which are a very real possibility given the shape of the economy, the asset could become incredibly valuable.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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