65% Are HODLing BTC While Only 3.9% Are Selling, Survey Says

A recent poll revealed that the majority of people are currently HODLing, buying, or selling Bitcoin while only a small 12% of participants say they do not have a BTC position at this time.

Interesting Poll Results

Famous analyst and creator of the Bitcoin SF2 price model, PlanB, conducted a poll on Twitter to find out what crypto enthusiasts are currently doing with Bitcoin. He asked, “you are currently,” while providing four options for participants to choose from.

The poll lasted for 24 hours and had 13,813 votes in total. As many as 65.6% of the voters (or 9,061 people) say they are currently HODLing Bitcoin.

Interestingly, the poll further revealed there are more Bitcoin buyers than sellers. 18.3% (2,527) of the participants say they are buying the cryptocurrency, but only a small 3.9% (538) of the voters are currently selling BTC. Sellers also claim they are trading/selling their Bitcoin to buy altcoins so they could get more Bitcoin with the profit.

The last option reveals those who currently don’t own Bitcoin. 12.2% or 1,685 voted that they “not having a BTC position.” This group, however, may consist of people who are “not interested,” “waiting” for a price breakout, or “hoping” for lower prices before jumping in.

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HODLing Confirmed

The poll also reflects an earlier report, which suggested that Bitcoiners are HODLing more BTC than they are selling. The report revealed that although Bitcoin is up by 78% since the March sell-off, spot trading volumes are significantly down by 28%.

Additionally, it was reported that only 27% of the circulating Bitcoin supply has moved since the start of the year, meaning a whopping 73% of all existing Bitcoin has been dormant for quite some time now.

Meanwhile, in another report, PlanB, who foresees Bitcoin’s price at $288,000 by 2024 through his SF2 model, shared the four reasons he purchased Bitcoin in 2015 and 2016 when it was trading for several hundred dollars.

The post 65% Are HODLing BTC While Only 3.9% Are Selling, Survey Says appeared first on CryptoPotato.

Publication date: 
07/11/2020 - 12:18
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