Hold the Line

Chart of the Day

Shadow of the Past. As the market reacts to a series of “unfortunate events”, the price of BTC’s dramatic downward movement has scarred newer market entrants, who seem to be scrambling to put a stop to their loss. From the chart, we can see that the current peak in short-term owned coins in no way matches the hype in 2017. New holder coins make up 28% of the circulating supply, 9% less than the 2017 cycle. With the explosion of market capitalization in mind, the decline in percentage suggests that there is a substantial capital inflow into the Bitcoin market, which may provide greater cushioning effect to massive pull-backs. Back to the current situation, as weak hands flee, stronger hands continue to accumulate their Bitcoin holdings.