Even after losing nearly 15% of its value in the last 10 days, Bitcoin has remained the preferred choice of long-term crypto holders. Large investors accumulated the digital currency despite the negative market sentiment.
Bitcoin’s price dip has caused a major drop in retail interest across the crypto market. However, long-term BTC holders grabbed the opportunity to become the dominant force. The recent report from Glassnode shows that after a brief period of selling, Bitcoin holders have started accumulating the crypto asset again.
“Following a brief period of net spending after the early November price peak, maturation has again taken the mantle as price declines. It speaks to a trend typically seen when retail/tourists have left the market, HODLers remain, and generally more bearish forward price expectations,” Glassnode highlighted.
The latest trend is pretty similar to the trends the crypto market has seen in the last few years. During every major correction in the market, large investors step in and accumulate Bitcoin and other digital currencies from short-term holders.
Crypto Rebound?
In the last 24 hours, the crypto market has witnessed a sharp rise in the overall market cap. While Bitcoin saw modest gains, altcoins like Binance Coin (BNB), Polkadot (DOT) and Polygon (MATIC) have seen substantial price jumps. BNB rose by more than 6% while DOT and MATIC spiked 7% and 8%, respectively. As a result of the recent jump, short crypto liquidations increased. Data from Coinglass shows liquidation of more than $80 million worth of short crypto trading positions.
“Bitcoin & Ethereum saw mild rises on Tuesday, while altcoins were a mixed bag of results. This lines up with the recent month of address activity, which has seen BTC and ETH mostly flat, and the drop of activity for assets like XRP, SHIB & LINK,” Santiment mentioned in a Tweet.
