U.Today – Popular cryptocurrency blogger on YouTube and bitcoin investor Lark Davis took to the X social media network to share his thoughts on the market with the community and give his take on what might be the best strategy to choose at the moment.
Here’s the “best move” Davis suggested
Davis tweeted that the cryptocurrency market is now “wild,” so “staying put may be smarter than any trade.” He explained that “in crypto, sometimes the best move is no move at all” and suggested that traders should have plenty of patience – it can be their “most profitable strategy”.
Commenters on the thread seem to have split into two camps – some showing solidarity with Davis, while the other half responded with ironic tweets suggesting that everyone’s patience has limits.
This year, Davis reminded his army of followers, bitcoin has demonstrated a 150% price spike, adding that “BRC-20 tokens are making massive gains.” The YouTuber suggested that this could be due to bitcoin ordinals making a comeback.
31.4% of Bitcoin supply hasn’t moved in 5+ years
Data from popular on-chain data agency Glassnode shows that long-term holders continue to hold their bitcoin in large quantities, locking it in cold wallets. As holding remains the preferred strategy of BTC investors today, large chunks of the total bitcoin supply remain dormant at the moment, Glassnode notes.
In total, 70.1% of the bitcoin supply has not moved for more than a year; 57.4% of it has not moved for more than two years; 41.6% has been dormant for more than three years; and finally, 31.4% was last active more than five years ago, according to Glassnode’s new publication on X.
Bitcoin Closes Temporary Bear Trap
Earlier this week, data provider Santiment stated in an X post that what bitcoin is doing at the moment (falling from the $44,000 throne and now close to) looks like it is completing the bear trap pattern.
Santiment apparently expects that once the bears sell enough bitcoin, the flagship cryptocurrency will reverse course and resume its uptrend.
