Despite 'Worst Bear Market Ever', Bitcoin Has Been More Resilient, Glassnode Analyst Says

While the on-chain metrics point to the worst Bitcoin bear market on record, they also highlight the growing resilience of hodlers. Cointelegraph YouTube Subscribe

While the current bear market may be the worst on record, on-chain metrics indicate the Bitcoin (BTC) network is becoming increasingly resilient, Glassnode analyst James Check said during a briefing. recent interview with Cointelegraph.

In particular, Check refers to the number of Bitcoin holders not selling even in extreme market conditions, which has become much higher than in previous bear markets.

“Cycle after cycle, this floor of hodlers is higher, the amount of activity is higher,” Check said.

Check also points out that shrimp, entities that hold less than one bitcoin, are accumulating at an all-time high, surpassing levels from the peak of the 2017 bull market.

“The shrimp basically see that this is a huge period of value,” he explained.

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