Bitcoin 'HODLed' Number Hits 5-Year High Despite Bear Market

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The leading cryptocurrency has not rallied in the past nine months, investors are looking at different strategies on how to manage their finances in a bear market and one of them is 'hodl.

Data shows that most Bitcoin holders have 'hodl' and stick with their investments for the long term.

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Data from Galassnode shows that the number of 'HODLed' Bitcoins hit a 5-year high on September 23. A total of nearly 7,5 million Bitcoins was held by different wallets, worth about 143,74 billion dollars.

A total of 7.495.059.588 BTC have been 'HODLed' since 2017.

“BTC. HODLed just hit a 5-year high of 7.495.059.588 BTC. The previous 5-year high of 7.494.986,961 BTC was observed on October 19, 10.” Glassnode tweeted.

However, crypto analyst Jim Wycoff warns investors against buying BTC at current levels.

He said that a bull run is likely unlikely in 2022. BTC is expected to face a further correction and the $19.000 level could be seen as a high in the coming months.

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