Cryptocurrency investors found something to cheer about amid the recent downturn in digital tokens: the asset class held up better than just about everything else in the third quarter. Yet the hunt for a bottom continues as long-term holders cling on with expectations that there¡¯s more pain to come ¡ª and retail investors stay on the sidelines.
Even with the narrative going around that crypto hung tough in the July-September stretch, the mood has remained sour. While around 83,500 new digital wallets are coming online daily, that¡¯s a low for the 2020-2022 cycle, according to data compiled by strategists at Glassnode.
Meanwhile, wealth held by ¡°mature coins¡± is at an all-time high, the researcher said, as long-time investors have refused to spend them amid the market turmoil. The group of investors who ¡°hodl¡± through thick and thin ¡ª meaning those who remain loyal even during tough times ¡ª has remained ¡°steadfast,¡± according to Glassnode, which said that they might be hunkering down ¡°for the storms ahead.¡±
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