Percentage of Bitcoin speculators at record low, new bull run on the way?

According to fund manager Grayscale, bitcoin’s bull run has only just begun. Grayscale’s latest report states that the number of speculators is declining, and the number of hodlers is increasing. Hodlers are investors who buy bitcoin and hold it for a longer period of time. This development is positive according to Grayscale.

Developments are the same as in 2016

Grayscale looked at the activity of bitcoin in all wallets to get an impression of the way in which investors use bitcoin.

The data they use for this comes from on-chain analysis bureau Coin Metrics. Coins that have not shifted for one to three years are classed as hodler coins. Speculators are investors who have moved their coins at some point in the past 90 days.

Grayscale came to the conclusion that the situation today is comparable to early 2016. The number of hodlers was also relatively high, and the number of speculators low. A positive development, because bitcoin was aich at the beginning of the bull run.

Coins that have been held at a record level for more than a year

Not only that, it seems that hodlers are increasingly persistent. The percentage of bitcoins that have been idle for more than a year is at a record high. Despite the large price differences, investors are therefore willing to hold bitcoin for a long time.

Grayscale’s Phil Bonello: “This indicates a strong belief in bitcoin among current investors. While this metric looks at the supply side, it also shows the demand for bitcoin as a store of value. Rather than trading, it seems investors are interested in holding bitcoin. ”

Not only individual investors are starting to see the value of bitcoin. This week it was announced that publicly traded company MicroStrategy had bought an additional $ 175 million worth of bitcoin. The company now owns a total of 38,250 bitcoins, or $ 425 million. A bold move that is appreciated throughout the crypto community.

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