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Tracing back to 155 days ago, the financial landscape encountered substantial turbulence with the collapse of Silicon Valley Bank around March 9 and 10, resulting in Bitcoin price plummeting below the $20,000 mark.
However, this challenging environment didn’t seem to deter the resolve of long-term Bitcoin holders.
Data analysis indicates that the long-term holder supply, defined as individuals or entities holding Bitcoin for a duration of 155 days or more, experienced a notable surge despite the volatile market conditions.
The supply level reached unprecedented highs, settling at 14.617 million Bitcoin. This phenomenon suggests a noteworthy level of confidence and resilience among long-term holders, who seemingly favor Bitcoin’s potential over the instability triggered by banking sector disturbances.
The post Bitcoin holders display resilience despite market downturn triggered by Silicon Valley Bank collapse appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/bitcoin-holders-display-resilience-despite-market-downturn-triggered-by-silicon-valley-bank-collapse/