Bitcoin (BTC): Nearly 1 million hodlers are hoping for a “bull run”

HODL is a trading strategy that consists of keeping your crypto assets instead of selling them. In a situation of bear market like the one we are currently going through, the hodl seems very appropriate. Many investors have understood its stakes and decide not to part with their assets. Yesterday, Glassnode identified several thousand addresses holding at least 1 BTC: 900,000. A new record!

The hodl, more attractive than ever

Yesterday, Documenting Bitcoin relayed a chart stolen from Glassnode stating that the number of addresses holding at least 1 bitcoin has reached 900,000.

New record ! 900,000 addresses now have a HODL of more than 1 bitcoin. »

A fact that seems surprising to some observers. Indeed, the bear market should cause investors to part with their holdings. Especially if they don’t heed advice from finance experts like Ray Dalio, Robert Kiyosaki and CZ. The latter, had he not recommended not to sell at the lowest lately?

The difficult conditions therefore did not influence the choice of several thousand bitcoin investors. They are about 900,000 according to Glassnode to hold at least 1 BTC.

According to Crypto News, this record had been reached just after the bitcoin hash rate ATH. Yesterday it was 231 Exahash.

finbold also talked about hodling a month ago. In his article, it was said that the number of bitcoins held in dormant addresses keeps growing. On August 22, the cumulative number of bitcoins held in such addresses was valued at 17.87 million BTC over the past 5 years.

In other words, the number of bitcoins held by hodlers represents more than 90% of the bitcoins already mined. We will agree to mention that more than 19 million BTC have already been subject to mining currently.

And holding the most bitcoins comes down to…

Satoshi Nakamoto, of course. According River Financial, he is said to have in his possession 1 million BTC stored in approximately 22,000 addresses. Since no satoshi has ever been moved from these addresses, the father of Bitcoin naturally offers himself the title of “first BTC hodler in history”.

Second place goes to Binance, holder of 252,597 BTC, or 1.3% of the circulating supply. CZ’s business is closely followed by BitFinex, with a wallet stocked with 0.9% of the circulating BTC supply, and an anonymous address rich with 131,883 BTC.

Some also argue that MicroStrategy is one of the big holders of bitcoins. The company founded by Michael Saylor is said to have around 129,700 BTC at the end of June.

5 dormant BTC addresses – Source Bitinfocharts

Marcus Sotiriou, analyst at GlobalBock, provides an update on the situation of this company:

Bitcoin struggles with the $20k level as new fear sets in around Michael Saylor, and his company MicroStategy, being sued for tax evasion by the District of Columbia. He is accused of escaping $25 million in taxes, after living in the area for over 10 years, and not paying income tax. With MicroStrategy being one of the biggest holders of bitcoins, cryptocurrency investors began to panic wondering if Michael Saylor would have to liquidate some bitcoins to pay the hefty fines. Whatever the outcome, I think investors probably overreacted to this story and MicroStrategy ultimately won’t have to cut its bitcoin position. »

In short, hodl is not the prerogative of wealthy bitcoin holders. All investors are invited to compare existing trading strategies in order to find the suitable alternative.

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