Vladislav Sopov
Renowned digital asset strategist Gabor Gurbacs sees “nothing new” as Bitcoin flows from “tourists” to “HODLers.”
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Bitcoin (BTC), the largest cryptocurrency, fell 14.3% after hitting a two-year high on the back of long-awaited ETF approval in the US. Although some investors decided to take profits in waters below $50,000, the core uptrend remains unchallenged. say analysts and traders.
Bitcoin (BTC) flows into strong hands: VanEck's Tether advisor is not surprised
As Bitcoins (BTC) change hands, “strong hands” allocate the sold coins to the weak ones. For cryptocurrency veteran Gabor Gurbacs, a strategy consultant at Tether Limited and VanEck, this situation does not seem unusual, he said on X on January 19.
The whole situation shows “nothing new,” he admitted.
As previously reported by U.Today, Gurbacs is excited about the potential impact if US regulators give the green light to Bitcoin ETFs.
He expects the accessibility of Bitcoin (BTC) as an investment vehicle to various categories of asset managers to increase by 10 to 50 times within a single year.
At press time, Bitcoin (BTC) is changing hands at $41,539, up 0.9% in the last 24 hours. BTC trading volume recorded a 17% decline over the corresponding period.
How strong are these hands?
Meanwhile, on-chain analysts managed to estimate the “strength” of long-term holders’ hands. According to research by a pseudonymous Bitcoin (BTC) analyst known on X as @TXMCtrades, most of them hold their assets for 1.5 to 2 years before taking profits.
The author and moderator of the trading channel Alpha Beta Soup stated that this pattern has been valid for at least 10 years. In contrast, taking profits after 3.5 to 4 years of HODLing is an “artifact of bull runs.”
As previously reported by U.Today, the average long-term holder enjoys a 55% profit on their deposit given current prices, Glassnode researchers said.
This metric looks “significantly positive” to analysts in January 2024.
About the author
Vladislav Sopov
Blockchain analyst and author with a scientific background. 6+ years in IT analytics, 3+ years in blockchain.
Participation in independent analysis and start-ups (Swap.online, Monoreto, Attic Lab etc.)
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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