Tuesday, May 30, 2023

Bitcoin Stays Above $30K As Long-Term Investors Hodl By CoinQuora


© Reuters. Bitcoin Stays Above $30K As Long-Term Investors Hodl
  • Glassnode reports a ship in long-term investor behavior.
  • Based on the Liveliness metric a rising number of investors are hodling their BTC.
  • Also, BTC has thus far managed to remain above the $30,000 support level.

Top crypto has once again managed to stay above the $30,000 support level. However, Bitcoin whales have been taking advantage of the recent volatility and are accumulating the top crypto.

According to Glassnode, investors with a long-term risk outlook have been accumulating the top crypto. Specifically, the Liveliness metric shows a shift in long-term investor behavior. The shift shows investors are now “macro hodling”. Notably, Glassnode believes the trend represents a ritualized response to downward market trends.

To clarify, Liveliness is the ratio between the number of cumulative coin days destroyed compare to the total coin days accumulated by the network. Every day the system records one coin day per unit of …

This article was first published on coinquora.com

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