Bitcoin stands resilient in the middle of a volatile crypto scene. It has broken an important price level to trade near $37,500 following a minor correction.
A staggering 70% of Bitcoin has remained untouched for a record-breaking year. It underscores the commitment of long-term holders despite legal uncertainties in the market.
A denting week for the Crypto sector
The Department of Justice (DOJ) reached a landmark agreement with the world’s largest exchange, Binance. The allegations range from money laundering violations to breaches of US sanctions. It led to a historic $4.3 billion settlement with the DOJ and CFTC.
Notably, the visionary behind Binance, Changpeng “CZ” Zhao, has been compelled to step down. This decision by CZ triggered a flurry of withdrawals. However, the unshakable faith in Bitcoin remains unscathed.
Long-Term Holders remain unmoved
On the other hand, the percentage of Bitcoin lying dormant for two, three, and five years has reached an all-time high. This silent majority of investors appears undeterred by any uncertainty.
Glassnode’s data revealed that 70.35% of Bitcoin’s supply has stayed dormant for at least a year, surpassing the previous record of 69.35% set in July.
Rumors on Reddit also point to a dramatic development: the approval of Bitcoin exchange-traded funds (ETFs) submitted by industry titans like Blackrock and Franklin Templeton. In the recent past, when these rumors came up, the market was agitated and the price of Bitcoin ticked upwards until the rumours were found to be untrue.
Bitcoin ETFs: Can they bring stability?
Market observers speculate that the approval of Bitcoin ETFs could introduce a new era for the cryptocurrency. They hope that these ETFs will provide a regulated and accessible gateway for institutional investors.
Long-term HODLers seem to be undeterred by legal challenges. They stand as a wall against market uncertainties. The pending decision on Bitcoin ETFs adds further intrigue.
