The media hold time that users of Nasdaq-listed cryptocurrency exchange Coinbase hold flagship cryptocurrency Bitcoin ($BTC) before either selling it or moving it to an external address recently surpassed 150 days.
According to data from Coinbase’s pricing pages, the typical hold time for its Bitcoin-invested users is now 151 days, far exceeding the typical hold time of other major cryptocurrencies, including Ethereum ($ETH). Specifically, the typical hold time for Cardano ($ADA), Shiba Inu ($SHIB), and others is above the typical hold time for BTC.
The cryptocurrency exchange notes on its site that a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.” The exchange also notes that on social media, “people are largely bullish on Bitcoin,” as over the past 24 hours there have been “54.62% of tweets with a bullish sentiment versus 3.6% of tweets with a bearish sentiment.” to Bitcoin”.
Bitcoin sentiment remains upbeat despite a recent selloff as investors appear to remain confident in the cryptocurrency’s long-term prospects. The sell-off was partially fueled by the resolution of Silvergate Bank, which was a key provider of banking services to cryptocurrency businesses.
Despite the recent sell-off, many investors remain optimistic about Bitcoin’s future, citing factors such as increasing institutional acceptance and a growing awareness of the potential benefits of cryptocurrencies.
However, many were predicting that a sell-off could be due in the near term. As reported by CryptoGlobe, Arthur Hayes, co-founder and former CEO of crypto derivatives exchange BitMEX, has warned that he believes a massive price correction in cryptocurrencies is imminent, but noted that there could be an ongoing bull run after that, which he says is “superb.” optimistic” concerns.
Earlier this week, the U.S. government transferred a significant amount of BTC to Coinbase, with data showing the government sent 9,826 BTC worth $217 million to Coinbase, which coincided with confiscations of the now-defunct Silk Road marketplace keep in touch.
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