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Despite Bitcoin slump: 55 percent of crypto investors HODL according to survey

 


Crypto and stock markets are in decline and apart from the positive news that Celsius was able to pay off all its debt and avoid a massive liquidation, there are few reasons for investors to buy Bitcoin ( BTC ) and altcoins right now.


The collapse of several DeFi protocols and crypto mutual funds, as well as BTC being 60 percent below its all-time high, continue to weigh on sentiment. But some positive data could be a sign that the market is poised to consolidate.

Crypto investors should HODL

According to a recent survey by Appinio, despite the collapse in crypto prices and the onset of the bear market, "more than half (55 percent) of crypto investors have kept their investments and only 8 percent have sold their investments."


This suggests that the majority of crypto investors remain strong believers in investing in crypto. The survey also shows that "33 percent of American investors have invested in crypto assets" and "40 percent of investors believe Bitcoin is the best investment option over the next three months." 


American investors resilient

Appino also wanted to know how American investors are reacting to the general downturn in the financial markets. It came out that 65 percent of those surveyed are sticking to their investments and are still convinced of their decision.


When asked about their top short-term concerns, 66 percent named rising inflation, 39 percent the state of the global economy and 34 percent international conflicts.


According to Callie Cox, US Investment Analyst at eToro, these same concerns combined with ongoing uncertainty "and a general increase in the cost of living and housing" have created a "perfect storm of setbacks" for investors.


Cox explained:


"Despite these factors, investors of all generations show a degree of maturity and understanding and do not let their emotions guide them when making important money decisions."

Bitcoin in oversold territory

In addition to the resilience exhibited by crypto investors, multiple on-chain indicators are also suggesting that the market may be oversold and a period of consolidation brewing.


The MVRV Z-Score uses a combination of Bitcoin's Market Value, Realized Value, and Z-Score. This has proven to be a reliable tool for determining when BTC is “extremely over or undervalued compared to its fair value , ” according to LookIntoBitcoin .

As seen in the chart above, periods when the red Z-score entered the lower green area represented good buying opportunities for BTC. Equally good opportunities were phases when the market price fell below the realized price, which is indicated with the blue and yellow lines in the chat.

The green shaded areas on the chart are periods when bitcoin price is at levels considered historically low and could present a good buying opportunity.


It should be noted that for the Bitcoin Investor Tool and the MVRV Z-Score, the bear market period varies and can last longer. It is therefore advisable for investors not to base their investment decisions solely on one indicator.

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