Bitcoin holders display resilience despite market downturn triggered by Silicon Valley Bank collapse

2023-8-12 19:00

Quick Take

Tracing back to 155 days ago, the financial landscape encountered substantial turbulence with the collapse of Silicon Valley Bank around March 9 and 10, resulting in Bitcoin price plummeting below the $20,000 mark.

However, this challenging environment didn’t seem to deter the resolve of long-term Bitcoin holders.

Data analysis indicates that the long-term holder supply, defined as individuals or entities holding Bitcoin for a duration of 155 days or more, experienced a notable surge despite the volatile market conditions.

The supply level reached unprecedented highs, settling at 14.617 million Bitcoin. This phenomenon suggests a noteworthy level of confidence and resilience among long-term holders, who seemingly favor Bitcoin’s potential over the instability triggered by banking sector disturbances.

Long term (Source: Glassnode)

The post Bitcoin holders display resilience despite market downturn triggered by Silicon Valley Bank collapse appeared first on CryptoSlate.

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