Despite 'worst bear market ever,' Bitcoin has become more resili
Though on-chain metrics point to the worst Bitcoin bear market on record, they also highlight hodlers' growing resilience.
While the current bear market may be the worst on record, on-chain metrics signal that the Bitcoin (BTC) network is becoming increasingly resilient, said Glassnode analyst James Check during a recent interview with Cointelegraph.
In particular, Check refers to the amount of Bitcoin holders who don’t sell even in extreme market conditions, which has become much higher than in previous bear markets.
“Cycle after cycle, that floor of hodlers is higher, the amount of activity is higher,” Check said.
Check also points out that shrimps, the entities who hold less than one Bitcoin, are accumulating at a record pace, surpassing the levels of the 2017 bull market’s peak.
“The shrimp are essentially seeing this is a an immense period of value,” he explained.
While the current bear market may be the worst on record, on-chain metrics signal that the Bitcoin (BTC) network is becoming increasingly resilient, said Glassnode analyst James Check during a recent interview with Cointelegraph.
In particular, Check refers to the amount of Bitcoin holders who don’t sell even in extreme market conditions, which has become much higher than in previous bear markets.
“Cycle after cycle, that floor of hodlers is higher, the amount of activity is higher,” Check said.
Check also points out that shrimps, the entities who hold less than one Bitcoin, are accumulating at a record pace, surpassing the levels of the 2017 bull market’s peak.
“The shrimp are essentially seeing this is a an immense period of value,” he explained.