According to Cathie Wood’s investment firm, Ark Invest, long-term Bitcoin (BTC) holders stayed strong last year despite market upheaval.
According to the investment business, despite high-profile incidents of fraud and price declines, there is still a “strong cohort” of long-term Bitcoin holders who are not shifting their crypto assets.
According to Ark Invest, the amount of supply that has not been moved in two or more years is at an all-time high of 47%, and Coin Days Destroyed (CDD) data shows that long-term holders did not hunt for opportunities to sell. The CDD statistic considers the value of each Bitcoin transaction while factoring in the amount of days since the coins were last moved.
“In our opinion, although the expenditure of old coins is usual in bear markets, a low value of coin days destroyed transmits that holders remained strong despite the numerous scams and grey swans that occurred in 2022.”
According to Ark Invest, after months of sluggish movement, the crypto markets are poised to make significant changes.
“Although low volatility normally is a neutral signal, in our view it does signify a forthcoming expansion in the form of a breakout or a collapse. Given the potential impulse of the price increase, we predict significant market direction may occur during the first quarter of 2023.”
In recent days, the markets have risen. Bitcoin rose above $19,000 after the release of the CPI (Consumer Price Index) statistics on Thursday, the highest price since the FTX crash, but then fell down into the $18,000 level. At the time of writing, Bitcoin is worth $18,830.
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