ShareTweet 0 Although Bitcoin is experiencing high price volatility, most investors continue to ‘HODL‘ the maiden cryptocurrency, potentially expecting a new future rally. As of December 9th, the amount of Bitcoin under HODL attained an 11-month high of 7,224,018.804, according to on-chain data provided by Glassnode. The data also shows that the last 11-month high was registered on December 6th at 7,223,985.306 BTC. HODLed or lost Bitcoins indicates moves of large and old stashes calculated by substracting Liveliness from 1 and multiplying the result by the circulating supply of the asset. With the Bitcoin under HODL hitting a new high, the asset was trading at $49,400 by press time, having plunged over 13% in the last seven days. Potential drivers for HODLing Bitcoin Due to their high volatile nature, Bitcoin and other cryptocurrencies are considered to offer great opportunities for traders to build up long and short positions frequently. However, HODLing provides more cushion to investors, as they are not exposed to short-term volatility and can avoid the risk of buying high but selling low. The data, therefore, indicate that most investors have potentially continued to accumulate Bitcoin amid the price crash. Usually, when an investment hits an all-time high, that is the least ideal time to buy. Notably, several crypto analysts have projected that Bitcoin will hit new highs and investors who missed out on the recent record price are utilizing the current correction to purchase the asset.
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