The shrimps of the crypto world have joined the whales in a glorious last stand to banish the bleak bitcoin winter.
These two contrasting groups are both HODLers - investors in bitcoin as a long-term proposition who refuse to sell their holdings - and they are determined to drive back the bears, despite their portfolios being deep in the red.
"The market is approaching a HODLer-led regime," Glassnode said in a note, referring to the cohort whose name emerged years ago from a trader misspelling "hold" on an online forum. Bitcoin has been hovering around $19,000 to $21,000 over the past four weeks, less than a third of its $69,000 peak in 2021.
As the crypto bear market enters its eighth month, his crypto portfolio was down by 70% - though he said it was money he was "okay with losing". He does not intend to sell, holding out for a possible rebound in the coming years.Some 55% of U.S.-based crypto retail investors held their investments in response to the recent selloff, while around 16% of investors globally increased their crypto exposure in June, according a survey of retail investors by eToro.
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