Bitcoin Holders Accumulation Despite BTCUSD Correction From $61k
Bitcoin on-chain metrics show that more long-term HODLers are accumulating, adding to their stash, taking advantage of falling BTC/USD. According to a screengrab by Lex Moskovski, an investment analyst, Bitcoin holders remain bullish. Trading volumes have been increasing over the last three months. During this period, long-term holders have bought over 10 million BTC.
During periods of uncertainty and economic turbulence, investors often shift their funds to safe-havens. Over the past few years, the Bitcoin network has proved to be an alternative to gold, soaring due to its digital nature and inflation-beating properties. To fight the coronavirus, central banks are unrelenting in their money printing. As such, there is inflation sparking fears, which catalyze Bitcoin demand. The more holders scoop BTC for cheap, adding to their longs, the more there are trading opportunities for aggressive investors aiming for another tear higher, towards $100k, or better.
Impact on the BTC Price:
Bullish. The dip from $61k saw billions of liquidations from derivatives exchanges. However, the opportunity provided an opportunity for traders and billionaires to add to their longs, doubling down on a digital asset being bought in millions by SEC-supervised public companies like Tesla and MicroStrategy.
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