Wed 6 November 2024 ▪
3
min reading ▪ acc
In the face of bitcoin breaking its all-time high by reaching $75,000, driven by Donald Trump’s victory in the US election, long-term investors are maintaining remarkable discipline. This unusual reticence, even as the market is experiencing a phase of euphoria, could mark a major turning point in the maturity of the crypto ecosystem.
A fundamental change in the behavior of “hodlers”
Data from IntoTheBlock reveals an unprecedented phenomenon in Bitcoin history. Despite the meteoric rise in price, which crossed the symbolic threshold of $75,000, catalyzed by Trump’s election victory, the “hodlers” are keeping calm. Between October 28 and November 4, their total balance changed only minimally, from 12.68 million to 12.68 million BTC.
This caution stands in stark contrast to previous bull cycles, where price peaks were systematically accompanied by massive sell-offs. Investors now seem to favor a gradual and measured exit strategy rather than a hasty liquidation.
The market’s resilience in the face of this new dynamic is particularly noteworthy: the Relative Strength Index (RSI) remains at 54.66, reflecting a healthy balance between buying and selling pressure.
Implications for the future of the market
The PDO Volatility Index, currently at 49.90, confirms a marked stabilization of the market. Approaching the breakeven point of 50, this metric suggests that Bitcoin is entering a maturity phase characterized by more predictable price movements.
This new approach from historic holders could reflect a deep belief in bitcoin’s long-term potential. Instead of succumbing to the temptation of quick profits, they seem to have adopted a more strategic vision that prefers to take profits gradually.
The growing confidence of institutional investors, especially following the approval of spot bitcoin ETFs, is likely contributing to this shift towards a more sophisticated market.
The transformation in the behavior of bitcoin holders potentially marks a watershed moment for the cryptoecosystem. This new maturity, characterized by more thoughtful investment decisions, could finally allow BTC to establish itself as a mature asset class, capable of sustainably attracting institutional investors.
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I am passionate about Bitcoin, I love exploring the twists and turns of blockchain and cryptocurrencies and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.