Bitcoin HODLers Unfazed by SEC Lawsuits: Glassnode Analysis
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In a surprising twist amidst the legal turmoil faced by major cryptocurrency exchanges Binance and Coinbase, it appears that long-term Bitcoin (BTC) HODLers are standing their ground. A thorough examination conducted by crypto market analytics provider Glassnode has shed light on the matter, revealing that the percentage of Bitcoin Long-Term Holder Supply sent to exchanges is a mere 0.004%.
For those unfamiliar with the term, HODLers are dedicated cryptocurrency enthusiasts who are in it for the long haul, holding onto their digital assets come what may. Glassnode’s analysis, taking into account BTC holders who have steadfastly weathered the storms for over 155 days, reveals that these unwavering investors are not rushing to sell their holdings on these exchanges. It’s not surprising when you consider that assets held in custody for such a substantial period are unlikely to be easily transferred.
One would have anticipated that the fear, uncertainty, and doubt (FUD) surrounding the lawsuits against Coinbase and Binance would trigger a mass exodus of funds. When the SEC dropped the bombshell charges against Binance, the market responded with a resounding bearish roar. And just to ensure everyone was paying attention, they followed it up with accusations against Coinbase just 24 hours later.
Bitcoin Struggling to Retake $26K
As a result, the road to market recovery remains treacherous, with Bitcoin still struggling to regain its footing above the $26,000 resistance point. Over the past week, it has experienced a discouraging decline of over 5%.
As the legal battles rage on and regulatory scrutiny continues, all eyes will be on the HODLers to see whether their unwavering commitment will endure or if the tides will eventually turn. In the meantime, their unshakable resolve serves as a testament to the confidence they place in the future of Bitcoin—a confidence that withstands the winds of uncertainty and demonstrates their unwavering dedication to the crypto revolution.
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