Popular cryptocurrency blogger on YouTube and Bitcoin investor Lark Davis took to the X social media network to share his thoughts on the current state of the cryptocurrency market with the community and share his take on what may be the best strategy to pick at the moment.
Here’s “best move” suggested by Davis
Davis tweeted that the cryptocurrency market is now “wild,” so “staying put can be smarter than any trade.” He explained that “in crypto, sometimes the best move is no move at all” and suggested that traders should have plenty of patience – it can be their “most profitable strategy.”
In crypto, sometimes the best move is no move at all.
When the market’s wild, staying put can be smarter than any trade.
Patience can be your most profitable strategy.
— Lark Davis (@TheCryptoLark) December 12, 2023
The commentators in the thread seem to have split into to camps – some showed solidarity with Davis, while the other half responded with ironic tweets, hinting that any person’s patience has limits.
This year, Davis reminded his army of followers, Bitcoin has demonstrated a 150% price surge, adding that “BRC-20 tokens are making massive gains.” The YouTuber hinted that this might be thanks to Bitcoin Ordinals, which are making a comeback.
31.4% of Bitcoin supply not moved for 5+ years
Data shared by popular on-chain data agency Glassnode shows that long-term holders continue to hold their Bitcoin in large amounts, locking it in cold wallets. Since holding remains the strategy that BTC investors prefer to use now, big chunks of the total Bitcoin supply remain dormant at the moment, Glassnode states.
A total of 70.1% of the Bitcoin supply has remained unmoved for more than one year; 57.4% of it has not been shifted for more than two years; 41.6% has stayed dormant for more than three years and, finally, 31.4% was last active more than five years ago, according to Glassnode’s fresh publication on X.
HODLing remains the preferential market dynamics amongst #Bitcoin investors with mature subsections of the supply remaining largely dormant.
🔴 Supply Last Active 1+ Yrs Ago: 70.1%
🟡 Supply Last Active 2+ Yrs Ago: 57.4%
🟢 Supply Last Active 3+ Yrs Ago: 41.6%
🔵 Supply Last… pic.twitter.com/WdFG7ChEuU— glassnode (@glassnode) December 13, 2023
Bitcoin closes temporary bear trap
Earlier this week, Santiment data vendor stated in an X post that what Bitcoin is doing at the moment (dropping from the $44,000 throne and now about to lose the $41,000 level) looks like it is completing the bear trap pattern.
Santiment, apparently, expects that once bears sell enough Bitcoin, the flagship cryptocurrency will again reverse and resume moving in an uptrend.
