What Bitcoin’s HODLers tell us about investor psychology

The idea that Bitcoin’s performance in September could be the start of its long-term bull trend is not far-fetched. The cryptocurrency is now closer than ever to a Bitcoin ETF approval, and the outcome could pave the way for a major demand shock due to a tsunami of liquidity.

The shifting tide from short-term profit-taking to long-term holding might be one of the early signs.reflect the sentiments of CryptoQuant analyst Yonsei_dent. The analysis revealed that Bitcoin has recently been experiencing low sell pressure. More importantly, the number of Bitcoin long-term holders has been growing. This coincides with recently observed bullish momentum. The analysist“If you look at the exchange holdings provided by CryptoQuant, you can see that they plummeted during the FTX incident in November 2022 and have been decreasing ever since.”The Bitcoin exchange reserve metric coincides with the statement. Its exchange reserves have been steadily declining since May.

The shifting preference for HODLing, coupled with the slowing sell pressure, might pave the way for accumulation. However, the anticipated demand shock is not yet here, and there is still room for

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