This is one case when doing nothing is newsworthy.
A report by Chainalysis found more individuals and speculators held bitcoin (BTC) over the summer. It is a marked change from earlier this year when the analyst found long-term investors sold approximately $24 billion of bitcoin to new speculators between December 2017 and April 2018, with half of this activity occurring in December alone. During that period, the price fell.
But in the update, the analytics firm found 4.8 million bitcoin was held in personal wallets as of Aug. 31, up from the end of 2017 when 3.8 million bitcoin was in the hands of individuals.
The August numbers were the second-highest for individual accounts on record, and off only slightly from July’s high of 4.95 million bitcoin, according to CoinDesk. Even speculators were holding and not selling.
“In our view, this is a sign of a market less sensitive to hype, where each news item does not have the ability to significantly push bitcoin prices up or down. Instead, the market seems to have recalibrated after the entry of so many new market participants with different beliefs and expectations than those who held bitcoin prior to 2017,” according to the report. Read more here.