215,000 bitcoins transferred to „HODL“ wallets27. März 2021
Bullish move: 215,000 bitcoins transferred to „HODL“ wallets – what this means
A significant amount of bitcoin has been moved to „long term“ wallets after buyers accumulated the dip.
Bitcoin markets saw a broader crypto fallout in the last 24 hours – and a spike in the dollar index (DXY), data from multiple sources show.
However, on-chain data from analytics tool Glassnode signals that investors bought bitcoin in the recent fall and then sent those Crypto Bull scam newly purchased bitcoins to long-term wallet holdings – rather than selling the asset outright.
„215,331 Bitcoin moved to strong HODLer wallets yesterday. That’s a three-year ATH. Interesting,“ comments Lex Moskovski, CIO at crypto fund Moskovski Capital.
As the image below shows, Bitcoin fell to a low of $50,393 yesterday before finding support in the $51,400 area and recovering to over $53,000 by press time.
The asset is still trading below its 34-period „moving average“ – a popular tool used by traders to determine market strength and trend.
The Bitcoin decline
Some in crypto circles attributed the decline to the expiration of bitcoin options scheduled for today. More than $6 billion worth of bets on the asset’s price expire today, leading to more volatile trading in recent days.
„This Friday, $6 billion worth of options contracts will expire,“ Glassnode co-founders Yann Allemann and Jan Happel wrote on Twitter. However, they add that traders were betting on higher bitcoin prices in April – expecting the market to shoot up:
„Bitcoin price expectations for April are high, with many investors betting on $80k.“
Meanwhile, Glassnode’s Reserve Risk Indicator – a tool that calculates the number of long-term holders at different price levels – suggests that the overall market has not yet reached its „peak“ despite the price drop.
The current level is just over 0.008, while previous market „peaks“ have had levels above 0.02 and above – meaning that the current risk-reward ratio to „invest and hodl“ has been more favourable compared to previous cycles.
And with bitcoin (to buy bitcoin with credit card guidance 2021) rising to $53,000 since Thursday’s drop, some are likely to invest to „hodln“.