“Wall Street narrative for bitcoin is dead, but hodl army keeps buying”

Last Updated: 8 September 2022

The bitcoin exchange rate may be struggling at the moment, but seasoned hodlers won’t notice. More and more bitcoin is staying in the same place for longer periods of time and the whole supply is getting ‘older’, what does this mean for the bitcoin price?

More and more dormant bitcoin

More and more bitcoin are going into hibernation mode and are no longer moving. This is clearly reflected in the coins which have been active in the last 3 months. This statistic is in fact undergoing a push towards all-time lows and all bitcoin are slowly moving towards ‘older’ age classes.

On-chain analyst Checkmate notes that those who have done their homework are still around. “They see the value of keeping bitcoin in its own wallet,” Checkmate said via Twitter.

“We are currently in serious uncharted waters. Most people do not deserve the chaos created by decades of poor leadership. In an age of uncertainty, monetary devaluation, censorship and confiscation, bitcoin provides hope. A measure of certainty in an uncertain world,” is the comment from Checkmate on the image above.

Small wallets on the rise

Checkmate further notes that the narrative and motivation for bitcoin on Wall Street is currently struggling, but that the little guy cares little. “Wallets with less than one bitcoin continue to amass more sats and more and more individuals are opting for their own wallet to own money independently,” Checkmate said.

Ben Hunt, also known as EpsilonTheory on Twitter, feels that the party for bitcoin is almost over. “The narrative sold by Wall Street that it is a hedge against inflation, that there is corporate adoption, the money of the future, digital gold and number go up are all dead,” Hunt said.

Only time will tell. Bitcoin is struggling right now, but we can say the same about the rest of the financial market. Meanwhile, the network does not care and is still quietly producing a block every 10 minutes.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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