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<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> ‘hodl’ (holding) levels have reached 2016 levels, according to crypto analysts.</li><li>According to trends, these ‘significant hodling’ levels were seen just before the $20,000 bull run in 2017.</li><li>Support from well known hedge fund manager Paul Tudor Jones could also be one of the reasons behind Bitcoin seeing significant hodling activity.</li><li>In the last three months, the value of Bitcoin has increased by more than 80% after the massive 37% single-day crash on March 12.</li></ul>Bitcoin, the most popular <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword>, likely has a massive bull run in the offing. According to Bitcoin analysts, there has been ‘significant hodling’ activity in the cryptocurrency reaching 2016 levels when the Bitcoin-US Dollar exchange rate reached $20,000. What is hodling? According to Bitcoin analyst Phillip Swift, 60% of all the Bitcoin (BTC) available has not moved in the last one year – essentially, this 60% of the cryptocurrency has not been traded at all. This is known as ‘hodling’ – a term that means holding but is spelled as such due to a typing error. “60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run,” <a href="https://twitter.com/PositiveCrypto/status/1265295621386362880">said</a> Swift. <div type="twitter" handle="PositiveCrypto" handlename="Philip Swift" image="http://pbs.twimg.com/profile_images/1118158833539588096/wgni9i8o_normal.png" favoritecount="1179" retweetcount="359" status="60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl'… https://t.co/P3aUGT1q1F" createdat="1590504958000" id="1265295621386362880"></div> This hodling activity was seen before the $20,000 bull run in 2017 <div type="image" title="Bitcoin Hodl wave chart" msid="76063799" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin Hodl wave chart&amp;lt;/p&amp;gt;"></div> According to analysts who watch Bitcoin, this significant hodling activity in Bitcoin was previously seen before the $20,000 bull run in 2017. In fact, in the last three months since the massive 37% crash on March 12, Bitcoin has recovered by more than 80% to cross the $9,000 level. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2600016" data-url="https://flo.uri.sh/visualisation/2600016/embed"></div>]]></cdata></div> Interest from institutional investors like Goldman Sachs turned Bitcoin investors bullish One of the reasons behind the massive hodling in Bitcoin could be the interest from institutional investors like Goldman Sachs and hedge funds. Goldman Sachs (GS) <a href="https://www.forbes.com/sites/colinharper/2020/05/22/goldman-sachs-is-hosting-a-call-about-bitcoin-gold-and-inflation/#56c22f6e1eff">hosted</a> a call to discuss the effect of US economic policies on Bitcoin, among other assets. However, <a href="https://fortune.com/2020/05/27/goldman-sachs-bitcoin-call-leaked-documents-slides-crypto-clients/">leaked</a> slides suggest that the investment banking company does not consider Bitcoin to be an “asset class”. Apart from GS, well known hedge fund manager and founder of Tudor Investment Corp., Paul Tudor Jones came out in support of Bitcoin. “Bitcoin reminds me of gold when I first got into the business in 1976,” he <a href="https://markets.businessinsider.com/currencies/news/bitcoin-billionaire-investor-paul-tudor-jones-says-buying-cryptocurrency-inflation-2020-5-1029179495">said</a> in a market outlook note. “The best profit-maximizing strategy is to own the fastest horse. If I am forced to forecast, my bet is it will be Bitcoin,” he further added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/bitcoin-stalls-at-key-10000-resistance-level-but-has-significant-upside-if-it-can-break-through/articleshow/75856676.cms">Bitcoin stalls at key $10,000 resistance level, but has significant upside if it can break through</a> <a href="https://markets.businessinsider.com/currencies/news/bitcoin-billionaire-investor-paul-tudor-jones-says-buying-cryptocurrency-inflation-2020-5-1029179495">Billionaire investor Paul Tudor Jones says he's loading up on bitcoin (GBTC)</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoin-surges-above-8000-for-the-first-time-in-2-months-ahead-of-a-key-halving-in-the-crypto-markets/articleshow/75458236.cms">Bitcoin surges above $8,000 for the first time in 2 months ahead of a key halving in the crypto markets</a>

Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded – analysts suggest a bull run could be in the offing

<ul class="summary-list"><li>The market capitalization of global <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> has dropped by 23% in just the last five days, according to data on CoinMarketCap.</li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> has fallen roughly 35% since hitting all-time high in mid-April as comments.</li><li>Tesla CEO Elon Musk has been responsible for recent swings in the cryptocurrency as he laments the amount of energy used to mine.</li></ul>The value of the cryptocurrency market has slid by 23% in just the last five days. It's been pulled lower by a sell-off in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> most recently catalyzed by comments made by Tesla CEO Elon Musk.The market cap for global <keyword id="3144636" type="PERSON" weightage="60" keywordseo="digital-currencies">digital currencies</keyword> came in at $1.97 trillion on Monday, down from a recent peak of $2.56 trillion on May 12, according to <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">data from CoinMarketCap.com.</a>"The crypto world is in the danger zone … as no one has a handle over short-term momentum because of uncertainty on where Elon Musk stands on bitcoin," Edward Moya, a senior market analyst at Oanda, wrote in a note to Insider on Monday. Bitcoin on Monday fell below $43,000 to its lowest point since February while other crypto prices suffered as well. <a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a>, the token of the <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> blockchain, was down nearly 8%, <a href="https://markets.businessinsider.com/currencies/ada-usd">Cardano-ADA</a> sank 10%, and <a href="https://markets.businessinsider.com/currencies/bnb-usd">Binance Coin</a> fell about 9%. <a href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a> gave up 7%. Solana was the only one of the 20 largest cryptocurrencies by market cap to gain ground Monday, up about 0.2%, according to CoinGecko. Bitcoin dropped Monday after Musk on Twitter suggested Tesla might - or had sold - its holdings in the cryptocurrency. It slightly rebounded after Musk clarified that the electric vehicle maker still held its bitcoin stake. Bitcoin's recent selloff was sparked after Musk last week said Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">stop taking bitcoin as payment</a> because of the "insane" amount of energy needed to create new coins and secure the network. "It seems unlikely that a massive financial institution will make a big bet on crypto in this current market as environmental concerns come to the surface," said Moya. Musk later suggested that <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">Dogecoin</keyword> may be a payment option for Tesla as he's working with Dogecoin developers to improve system transaction efficiency. Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100-times trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a>"Everyone has been watching BTC fall, crashing 35% from all-time highs, just within a month," said Justin Chuh, senior trader manager Wave Financial, a regulated digital asset investment firm, in a note. "Remember gravity and volatility? They exist. Some of the new <keyword id="6380571" type="UNKNOWN" weightage="60" keywordseo="crypto-market">crypto market</keyword> entrants are about to have their first taste of riskHe continued: "A pullback was bound to happen. But we have to accept that those voices chirping around on social media aren't helping and can actually make moves. This is healthy, but I think we all wish this didn't happen." Broad risk aversion that hit US stocks on Monday didn't aid the cryptocurrency market, said Moya, and "retail traders on social media platforms TikTok and Twitter are losing confidence and are getting closer to hitting the panic button."

The crypto market has lost 23% of its value in just the last 5 days

Welcome to 10 Things Before the <keyword id="117488" type="PERSON" weightage="60" keywordseo="Opening-Bell">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider&amp;r[%E2%80%A6]ers%26utm_medium%3Demail%26utm_term%3D06292021%26anid%3Dadmobdmob">here for Android</a>.<keyword id="31671" type="CITY" weightage="100" keywordseo="markets">Markets</keyword> Insider is selling its first NFTs. <a href="https://markets.businessinsider.com/news/stocks/markets-insider-selling-meme-stock-nfts-2021-7">Get the details here.</a>Let's get into it.1. Amazon missed quarterly sales estimates for the first time since 2018. The boom in e-commerce from the pandemic has cooled. <a href="https://markets.businessinsider.com/news/stocks/amazon-stock-price-q2-earnings-sales-miss-profit-forecast-2021-7">And it could end up being a rough day for the stock later.</a>2. Cathie Wood has reportedly sold a huge amount of Roku stock this month. The stock is up 200% over the last year, and Wood's flagship ETF has capitalized. <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-roku-stock-sales-243-million-june-ark-invest-2021-07">Analysts say the move plays into Wood's strategy: buy into winners and gradually cash in.</a>3. Chinese stocks are trading at steep discounts - should you buy the dip? Investors are torn whether to buy or steer clear, given the uncertainty surrounding Chinese tech stocks like Alibaba, Baidu, and JD. But if antitrust issues blow over, the dip may be the best buy -<a href="https://www.businessinsider.com/buy-sell-chinese-stock-outlook-government-regulation-wallstreet-bullish-bearish-2021-7"> four experts share how they're reacting to the sharp selloff.</a>4. Earnings on deck: Procter &amp; Gamble, Exxon Mobil, and Chevron <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>.5. Nikola fell 15% after its founder Trevor Milton was charged with fraud. He is alleged to have lied about <a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-founder-trevor-milton-charged-with-fraud-2021-7">"nearly all aspects of the business.</a>" Here's what insiders say about the downfall of the <a href="https://www.businessinsider.com/nikola-founder-trevor-milton-downfall-2021-3">billionaire once considered to be the next Elon Musk. </a>6. Didi shares jumped after a report says the company is considering going private. While the stock surged, the ride-hailing app released a statement that said the report was "not true." <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-go-private-china-investors-regulation-ipo-report-2021-7">The go-private move, according to the report, would be to placate Chinese authorities amid regulatory concerns.</a>7. Facebook wants to build a "metaverse" - and its stock could jump 18%. The social media giant plans to build a creator-driven metaverse by investing in virtual reality and commerce. <a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-metaverse-2q-earnings-target-bofa-commerce-2021-7">Now, Bank of America says these ambitions will help boost Facebook's stock price.</a>8. Robinhood dipped during its volatile public-trading debut. The online trading app was valued at $32 billion when it priced its IPO at $38 per share. The company's seen explosive growth through the pandemic -<a href="https://markets.businessinsider.com/news/stocks/robinhood-stock-price-first-trades-volatile-ipo-trading-debut-hood-2021-7"> Robinhood raised $2.1 billion from its IPO.</a>9. Two key metrics show that a bitcoin comeback is coming, says one crypto research analyst. The CrossTower analyst bought bitcoin for "$100 or $150" in 2013, and is focused on the crypto's flows on exchanges and Glassnode's HODL Waves. <a href="https://www.businessinsider.com/trading-strategy-investing-recommendation-crypto-analyst-bitcoin-ethereum-altcoin-defi-2021-7">See his three trades designed to generate up to 80% returns.</a>10. Wall Street's top analysts say buy these 10 stocks right now for huge upside this year. The top 10 current analysts, as tracked by TipRanks, shared their top stock recommendations. <a href="https://www.businessinsider.com/stock-market-picks-high-upside-most-accurate-sellside-analysts-tipranks-2021-7#8-scott-berg-needham-3">Some of their picks, like Sprinklr and Cohu, have about a 50% upside. Another has nearly a 70% upside. </a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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Bitcoin hodl waves indicate 60% of the cryptocurrency is being hoarded – analysts suggest a bull run could be in the offing

Rounak Jain

The crypto market has lost 23% of its value in just the last 5 days

Carla Mozée

10 things before the opening bell

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