Fidelity Says Nearly 15 Million Bitcoin Have Stayed Idle for 155 Days, a Possible Bottom Signal
Summary
- Fidelity Digital Assets said Bitcoin that has not moved for at least 155 days has reached about 15 million coins, a record high.
- Analyst Zack Wainwright said rising long-term holdings are showing a pattern similar to past market bottoms.
- Wainwright said investors are continuing to hold rather than sell despite about 40% unrealized losses in long-term holdings, though he added that it is still too early to be certain of a bottom.
Forecast Trend Report by Period
Long-term Bitcoin holdings are rising, a trend some analysts view as a sign the market may be nearing a bottom.
BeInCrypto reported on July 25 that Fidelity Digital Assets said in a report that about 15 million Bitcoin had not moved for at least 155 days, the highest level on record.
Analyst Zack Wainwright wrote that long-term holdings have historically increased during bear markets and declined during bull markets. Recent data shows a pattern similar to past market bottoms.
About 40% of current long-term holdings are at an unrealized loss, but investors continue to hold rather than sell, which Wainwright described as a positive signal. He added that the current cycle's drawdown remains relatively limited compared with previous bear markets, when declines ranged from 70% to 90%.
Still, Wainwright said it is too early to conclude that the market has bottomed. Several on-chain indicators are nearing levels historically associated with market lows, but whether that will lead to a trend reversal remains unclear.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.