Categories: Analysis

CoinShares CSO: Hodlers see opportunity in the Bitcoin price crash

Meltem Demirors believes the current drop in the price of Bitcoin is a correction.

CoinShares CSO: Hodlers see opportunity in the Bitcoin price crash

Bitcoin’s (BTC) downtrend after its all-time high in April could be worrying for first-time investors. However, Meltem Demirors, CoinShares chief strategy officer, believes most long-time owners aren’t selling, and this is a correction to weed out panic sellers.

Speaking to CNBC, Demirors emphasized that Bitcoin will stay here and that after 200 days of the crypto market “flourishing”, a price decline is normal.

“A number cannot go up forever. What we see is adjustment, contraction, and a lot of that shaky thing we call paper hands, weak hands. “

“Paper hand” is a common market term to describe an investor who cannot tolerate high financial risk and who starts selling as soon as asset prices start to fall. It is the opposite of “diamond” which simply means a pressure holding element.

Demirors recalled that excluding bitcoin, the cryptocurrency market was up 200% year-over-year and said that bitcoin has always been a volatile asset class.

“I’m not going anywhere even if we go for $ 20,000. Last March we were at $ 3,000 for bitcoin, we need to be aware of the context. “

She says many retail investors who don’t do their research are selling while long-term owners keep waiting.

“If we look at the activity in the chain, wallets that have been held for a long time take advantage of this opportunity to pile up.”

Glassnode data confirms Demirors score. According to his data, Bitcoin addresses that do not sell the coins they have accumulated have increased their holdings since the all-time high in April.

Demirors said it expected consolidation at current price levels with macro uncertainty.

“The political uncertainty is great. There are also a lot of negative headlines. “

Meanwhile, Bitcoin is headed for its worst quarter since its downtrend began in 2018, according to crypto data aggregator Skew. The data shows that Bitcoin is down nearly 46% in the quarter that’s been the weakest quarter since Q1 2018.

Synthetic

You may be interested in:

CoinX

Recent Posts

3 Best Tokens for The Coming Altcoin Season: Ethereum (ETH), Cardano (ADA), Rexas Finance (RXS)

These tokens could deliver groundbreaking returns, leaving you wealthier than before. They are Ethereum (ETH),…

6 minutes ago

BingX Provides Free SEPA & SEPA Instant Euro Deposit Service to Users

Vilnius, Lithuania, 23rd December 2024, Chainwire

13 minutes ago

Top Reasons to Choose Qubetics, Bitcoin, and AAVE as the Best Coins to Join Now 

Explore why Qubetics, Bitcoin, and AAVE are the Best Coins to Join Now. Dive into…

2 hours ago

Market Overview (Dec 16 – Dec 22): Altcoins Stall, BTC Faces Strong Pullback

MicroStrategy buys 15,350 BTC; Ripple launches RLUSD; Lido exits Polygon; BTC drops post-ATH; reduced liquidity…

3 hours ago

Bybit Proof Of Reserve Shows Changes In BTC, ETH, And USDT

Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…

5 hours ago

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

6 hours ago

This website uses cookies.