The media hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the flagship cryptocurrency Bitcoin ($BTC) before either selling it or moving it to an external address has recently surpassed the 150 day mark.
According to data from Coinbase’s price pages, the typical hold time for its users invested in Bitcoin is now 151 days, and is well above the typical hold time of other major cryptocurrencies including Ethereum ($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.
Featured Image via Pixabay
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