BlocksInform
The media hold time that users on the Nasdaq-listed cryptocurrency exchange COINBASE hold onto the flagship cryptocurrency Bitcoin ($BTC) before either selling it or moving it to an external address has recently surpassed the 150 day mark.
According to data from Coinbase’s price , the typical hold time for its users invested in Bitcoin is now 151 days, and is well above the typical hold time of other major cryptocurrencies including Ethereum ($ETH). Notably, 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 page 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 mostly bullish about Bitcoin,” as there were “54.62% of tweets with bullish sentiment compared to 3.6% of tweets with a bearish sentiment about Bitcoin” in the last 24-hour period.
Bitcoin’s sentiment remains bullish despite a recent sell-off, as investors seemingly remain confident in the long-term prospects of the cryptocurrency. The sell-off was partly driven by the winding down of Silvergate Bank, which has been a major provider of banking services to cryptocurrency firms.
Despite the recent sell-off, many investors remain optimistic about the future of Bitcoin, Citing factors such as increasing institutional adoption and a growing awareness of the potential benefits of cryptocurrencies.
Many, however, predicted that in the short-term a sell-off may be due. As CryptoGlobe reported Arthur Hayes, Co-Founder and former CEO of crypto derivatives exchange BitMEX, has warned that he believes a massive cryptocurrency price correction is coming, but noted that after it there could be a sustained bull run he is “super bullish” about.
Earlier this week the US government has transferred a significant amount of BTC to Coinbase, with data showing the government sent 9,826 BTC worth $217 million to Coinbase associated with seizures from the now defunct marketplace Silk Road.
