Bitcoin hodlers are getting bolder, some won’t sell BTC for $1M.
More than a third of Bitcoin owners would not be willing to sell even a fraction of a million dollars. What's more, on-chain analysis confirms that much of the Bitcoin supply is lying dormant because hodlers refuse to sell it.
On December 6, Microstrategy CEO Michael Saylor asked his 3 million X followers how much they should raise before they consider selling a small portion of their BTC.
Bitcoin Hodl reinforces the narrative
Amazingly, the heartfelt poll received over 87,000 responses in less than a day.
This is not a small number of BTC holders, so 36.6% of them answer 1 million dollars or never.
If more than one-third of Bitcoin holders do not intend to sell, this will put significant pressure on supply and demand, which will increase price inflation.
However, 30% of respondents said they would sell some if BTC prices reached $100,000. About 19% were expecting $250,000, and 14% would sell a unit for $500,000 in BTC.
Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run
Bitcoin author Preston Pish said, “Reactions would be if we weighted the market based on the amount of coins each vote contained.”
Others said they spend money only when they need fiat for their expenses and bills.
Earlier this year, BeenCrypto reported that bitcoin's dormant supply was increasing as hodlers refused to sell.
However, there are some gains to be made during bull markets and panic selling during bear markets. The biggest influencers in the market will be whales, corporate owners and soon ETF issuers.
However, this week, CryptoQuant reported a transaction involving 1,000 BTC that dates back more than a decade.
BTC Price Outlook
Bitcoin prices have remained stable over the past 24 hours, holding on to recent gains. As a result, at the time of writing, the property was changing hands on the local market for $43,940.
Resistance at $44,000 is consolidating but there is a large band at the key Fibonacci level slightly higher at $47,000. Therefore, another leg may be on the cards before the markets correct.
Altcoins generally fell behind today, with the total market capitalization falling slightly to $1.67 trillion.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content.
