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Bitcoin Finds Support at $50K as Long-Term 'Hodl' Appears Intact

CryptocurrencyMar 25, 2021 05:03PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – Bitcoin's slump Thursday was blamed on hedge funds rebalancing their portfolios ahead of the quarter-end, but the selling to $50,000 found support at time when signs pointing to the strength of the long-term 'hodl' rose to a record high for the year.

BTC/USD fell 3.38% to $52,217, though had been as low as $50,350.

Net transfer volume from/to exchanges – the difference between the amount of bitcoin moving on versus off exchange – fell to a record low for the year, suggesting the move from exchanges to private wallets – a long-term demand indicator – continues to accelerate.

Net transfer volume from/to exchanges fell to about -1,250 clusters on Thursday, data from on-chain analytics Glassnode showed.

Signs pointing to the strength of the long-term 'hodl' come as hedge managers -- who have been forced to look in riskier corners of the market like cryptocurrency or high-growth stocks in search of returns -- are expected to have to tweak their portfolio allocations ahead of the quarter-end, shedding some riskier positions.

Bitcoin is expected to be one of the victims of the portfolio rebalance, or reshuffle, as managers attempt to move closer to 60% to 40% bond-equity allocation.

On-chain data also added credence to a portfolio shakeout from larger bitcoin holders as the bitcoin whale index, measuring the number of bitcoin addresses with at least 1,000 bitcoins, dropped 10% from its recent high of about 2,500 clusters.

Bitcoin Finds Support at $50K as Long-Term 'Hodl' Appears Intact
 

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Comments (15)
CHAD TENDIES
CHAD TENDIES Mar 26, 2021 8:25AM ET
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I can’t wait to see bitcoin collapse
Nam Tran
Nam Tran Mar 26, 2021 12:52AM ET
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but no, btc will turn back to $ 40,000. Consider selling early, a big slump coming.
perplexed76 .
perplexed76 . Mar 25, 2021 10:40PM ET
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it's obvious now that bitcoin doesn't live his own life. It highly depends on global market sentiment. It's more like a favorite toy for gamblers.
German Villanueva
German Villanueva Mar 25, 2021 9:37PM ET
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It's really great Virtual Garbage as I learned from your comments. Will bounce back up all the way up hitting 100K by year's end .
Bacon Tron
Bacon Tron Mar 25, 2021 9:37PM ET
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*Summer end
Nam Tran
Nam Tran Mar 25, 2021 9:35PM ET
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I bought more when it was below 50.000.
Jack Zydron
Jack Zydron Mar 25, 2021 9:27PM ET
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worthless virtual garbage ...
edgar blumenthal
edgar blumenthal Mar 25, 2021 9:27PM ET
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..1.2 tbeURO to be correct;  is GLD better, now US FED  is shorting/dumping GLD  again?? though..
German Villanueva
German Villanueva Mar 25, 2021 9:20PM ET
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I'm holding strong enough
Katie Belle
Katie Belle Mar 25, 2021 9:18PM ET
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worthless garbage. can't wait for the dump
Brett Turley
Brett Turley Mar 25, 2021 8:03PM ET
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Imma ‘splain HODL for you misusers. High Of Day + hold. I bought the top, im HODLing. yw
Bulent Ok
Bulent Ok Mar 25, 2021 6:42PM ET
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. Its going to tank to 36k..... Stocks next few weeks going to tank further. Up until 1st week of April... Potentially lockdown will be dominating headlines again... Dollar will drop big.. Commodities rocket.... The whales, the mannupulaters are at it.... When everything tanked, they will start hoarding again... Its just a one big game. Make sure your not caught in this.. Wait with your cash on the sideline.... Ready to dive in to scrape the dips they artificially create.
Gold Fever
Gold Fever Mar 25, 2021 6:32PM ET
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HODL = Hold On for Dear Life 🤣
Bacon Tron
Bacon Tron Mar 25, 2021 6:32PM ET
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It doesnt mean that. A drunk guy wrote hodl instead of hold in bitcointalk forum a decade ago. The end
edgar blumenthal
edgar blumenthal Mar 25, 2021 6:32PM ET
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...and buy two SeingTrades  a week.  See this weekend ! I am quant and FA TA expert, and run algo bots very nicely. ThankU
Blane Dupuy
Blane Dupuy Mar 25, 2021 6:26PM ET
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holding til 80k easy
Inya Daniel
Inya Daniel Mar 25, 2021 6:26PM ET
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Edward Chong
Edward Chong Mar 25, 2021 6:26PM ET
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i hope u dont cry.
Joshua Harclerode
Joshua Harclerode Mar 25, 2021 5:23PM ET
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Everyday i’m hodling...
Sun Heaven
Sun Heaven Mar 25, 2021 5:19PM ET
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hey
Inya Daniel
Inya Daniel Mar 25, 2021 5:19PM ET
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how are you doing
Jovan Dimitrijevic
Jovan Dimitrijevic Mar 25, 2021 5:11PM ET
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hello
Martin Stefan
Martin Stefan Mar 25, 2021 5:11PM ET
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Hello
Stonks Onligoup
Stonks Onligoup Mar 25, 2021 5:11PM ET
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