The scale of Bitcoin’s (BTC) ongoing downside correction might not be as alarming as it was in 2018, indicates data shared by Glassnode.
The blockchain analytics firm reported that investors who have held Bitcoin for more than one year showed a lesser interest in liquidating their investments versus those who held the digital asset for 3-6 months. Its dataset covered the period of Bitcoin’s correction from circa $65,000 on April 14 to around $44,000 on Aug. 9.
On the other hand, all investor cohorts were instrumental in crashing the BTC price in 2018 from $19,891 to $3,128.
With a majority of “old coins” not deciding to secure their 275% year-over-year profits even after a 35% downside correction, Glassnode data hinted strong “hodling behavior” that might have Bitcoin escape a 2018-like mass capitulation event.
“Despite a strong rally to $45k, the Bitcoin market still has not seen a…