Bitcoin HODLers seem to be growing slowly even though the price is struggling.

(moved from medium)

As of 29 April 2022, Bitcoin HODLers continue to be loyal and save their money in BTC in spite of:

• in the past 6 months Bitcoin price fell 38% from an all-time high of $67K
• current price seems to be stuck at the $40k mark

This chart represents the number of people that saved more than 1,000 USD in the past 6 months seems to be going up steadily.

Meaning that Bitcoin HODLers from the middle class and upper-middle class still think that bitcoin is an asset that is worth investing in. Moreover, there appears to be a steady growth of this class of individuals.

Is the HODLer correlation count to price an anomaly?

Common sense tells us that the more HODLers there are, the higher the price should be. The number of HODLers that save 1,000 USD in 6 months seems to be inversely correlated at -42% if we look at the last 6 months (from November 2021). I believe this is an anomaly. If we zoom out and look at the trend in the past two years (from May 2020), we see the correlation jump to a whopping 84%.

HODLers that save 1,000,000 USD a year

My best guess is that people with serious capital wanted to participate because of the previous success stories and are starting to be disappointed, as they’re expected gains didn’t come fast enough. Pretty sure that if Bitcoin breaks the 67K threshold, those same people will jump back in as they seem to be following the price.

Bitcoin HODLers vs Ethereum HODLers

Ethereum HODLers (1000 USD in the past 6 months) seem to fluctuate a lot more than Bitcoin holders. To me, it appears that Bitcoin Hodlers are more loyal than Ethereum HODLers.

Personal thoughts

Ukraine asking for donations in crypto shows yet another country who thinks cryptocurrencies are a valid way to transfer value. They actually received (454.84 BTC or 17.9 M USD and 9494 ETH or 27.9 M USD).