Bitcoin (BTC): Almost 1 million people expect a “bull run”

Bitcoin (BTC): Almost 1 million people expect a "bull run"

Tuesday 20 September 2022 ▪ 2:00 pm ▪
min read – with

HODL is a trading strategy that consists of holding your crypto assets rather than selling them. In a state of bear market like the one we are going through right now, the hodl seems very appropriate. Many investors have realized their commitment and decide not to part with their assets. Yesterday, Glassnode identified several thousand addresses with at least 1 BTC: 900,000. New record!

The hodl, more attractive than ever

Yesterday, Bitcoin Documentation reposted a chart stolen from Glassnode saying that the number of addresses with at least 1 bitcoin has reached 900,000.

New record! HODL is more than 1 bitcoin at 900,000 addresses now. »

A fact that surprises some observers. Indeed, the bear market causing investors to part with their holdings. Especially if they don’t listen to advice from financial experts like Ray Dalio, Robert Kiyosaki and CZ. Second, didn’t he recommend not selling at least recently?

So the difficult conditions did not affect the choice of thousands of bitcoin investors. They are around 900,000 according to Glassnode to hold at least 1 BTC.

According to Crypto News, this record was reached just after the bitcoin hash rate ATH. Yesterday it was 231 Exahash.

Finbold also spoke about hodling a month ago. In his article, it was said that the number of bitcoins kept in idle addresses keeps growing. As of August 22, the cumulative number of bitcoins in such addresses was valued at 17.87 million BTC over the past 5 years.

In other words, the number of bitcoins held by hodlers is more than 90% of the bitcoins already mined. We will agree to mention that more than 19 million BTC have already been subjugated mining present.

And the largest amount of bitcoins is…

Satoshi Nakamoto, of course. According to River Financial, it has 1 million BTC stored in about 22,000 addresses. Since no satoshi was ever transferred from these addresses, the father of Bitcoin naturally calls himself “the first BTC-hodler in history”.

Second place goes to Binance, holder of 252,597 BTC, or 1.3% of the circulating supply. BitFinex closely follows the CZ business, with a wallet stocked with 0.9% of the circulating BTC supply, and a rich anonymous address with 131,883 BTC.

Some also argue that MicroStrategy is one of the major holders of bitcoins. The company founded by Michael Saylor is said to have held around 129,700 BTC at the end of June.

5 idle BTC addresses – Source Bitinfocharts

Marcus Sotiriou, analyst at GlobalBock, provides an update on this company’s situation:

Bitcoin struggles with the $20k level as new fears arise as Michael Saylor, his company MicroStategy, is being sued for tax evasion by the District of Columbia. He is charged with escape $25 million in taxes, after living in the area for over 10 years, and paying no income tax. With MicroStrategy being one of the largest holders of bitcoins, cryptocurrency investors began to panic wondering if Michael Saylor would have to liquidate some bitcoins to pay the large fines. Regardless of the outcome, I think investors probably overreacted to this story and ultimately MicroStrategy will not have to reduce its bitcoin position. »

In short, hodl is not the prerogative of wealthy bitcoin holders. All investors are invited to compare existing trading strategies to find a suitable alternative.

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