Selling at all time high prevents a bigger all time high, but it also fits the logic of selling high, so people don't know what to do. I don't know what to do neither, one day it looks like it s going down, another day it looks like it is still above 19k so I have no idea what to do. Are we trying to go higher? Are we trying to cash out? What are we really trying to do at this point?
I do not have any idea whats going to happen if I end up with something like this situation, I prepared myself for lows and a bit of highs, never really assumed I would be holding bitcoin during a period when bitcoin price is insanely high at all, I assumed I would have sold long before this day comes. Fortunately this is a good problem to have by all of us because it means we are at ATH prices.
Topic: So contrary to the Cult of Hodl, apparently at highs, people don't hold? (Read 253 times)
December 15, 2020, 09:31:05 AM
December 14, 2020, 08:59:57 AM
I find it good. And if somebody successfully sold a coin, then somebody successfully bought a coin.
I'm a firm believer in crypto, but I don't believe in HODL. Coins should be used to make more coins, not to collect dust in wallets.
I'm a firm believer in crypto, but I don't believe in HODL. Coins should be used to make more coins, not to collect dust in wallets.
I think many experienced hodlers wait for the highs to sell for profit. You don't hodl a coin for more than when you need to sell and run down for another buy from button, it continues like that and the profit keeps coming, volume is also created that pattern and not to hodl in wallet when others sell for profit.
December 14, 2020, 05:45:50 AM
The coins days destroyed indicated people sell more all-time highs
Or simply, coins trading from weak hands to strong, and the strongest hands see this to a 6-digit valuation.
Quote
What do you think of this metric? good bad etc?
https://blockchair.com/bitcoin/charts/coindays-destroyed?interval=full
Zoom out. "Good, bad" doesn't matter, but it might begood for fun and discussion. Bitcoin has never crashed and stayed below its 200-weekly SMA. The "cult of HODL".
December 14, 2020, 03:48:48 AM
At highs, people do not hold that much, and I can honestly tell you that we are not going to suddenly change the fact that we will not have highs, but it doesn't change the fact that we do not have lows neither. So, what the holders are simply saying is that, buy low whenever you can and hold as long as you can, if you want to sell at a high that is nearly at all time high, those are not bad places to sell even for a holder, if you want to hold more and prices will continue to grow that is even better, but do not sell at low levels neither.
I have seen people who bought at $10k and sold at $12k for example, do not do that because those are not highs, those are just some small increases. So, the misunderstanding here is the fact that you d onot need to make that kind of return at all if you could just wait.
I have seen people who bought at $10k and sold at $12k for example, do not do that because those are not highs, those are just some small increases. So, the misunderstanding here is the fact that you d onot need to make that kind of return at all if you could just wait.
December 13, 2020, 11:32:29 AM
there are always lots of traders in bitcoin who are here to make profit. these traders speculate that near the all time highs there may be a lot of sells so they act faster and sell hence causing the drop. that is how they take their profit.
making the assumption that "people" don't hold just because it is near some arbitrary number called "ATH" is just wrong.
you should also keep in mind that "moving coins" is not the same as "selling coins". for example when price nears ATH i may want to spend some of it. or it may be a sell but not the way you think. i may have 20 bitcoin and only sell 0.01 of it but still move the entire 20 coins (one output).
this is exactly why analyzing the market based on what happens on the blockchain (case in point: whalealerts) has never been working.
making the assumption that "people" don't hold just because it is near some arbitrary number called "ATH" is just wrong.
you should also keep in mind that "moving coins" is not the same as "selling coins". for example when price nears ATH i may want to spend some of it. or it may be a sell but not the way you think. i may have 20 bitcoin and only sell 0.01 of it but still move the entire 20 coins (one output).
this is exactly why analyzing the market based on what happens on the blockchain (case in point: whalealerts) has never been working.
December 12, 2020, 07:21:45 PM
Coins should be used to make more coins, not to collect dust in wallets.
unquestionably, people will sell at a higher price as a strategy to acquire more coins instead of just let it stay still for years. Simply holding bitcoin for years will be profitable obviously, but trade is a way that seems more productive to get profits and accumulate additional coins. However, we don't really know what point is the peak and will start to fall at that price, sell bitcoin at a lower rate is a disadvantage because the price will keep going up and we can't amass more coins.
December 12, 2020, 06:10:19 PM
Someone's going to sell the top and someone's going to sell the bottom.
I assume the metric is just coins moving? If so $20Bn sounds quite optimistic for bitcoin throughput... Most healthy traders/investors might preset targets at which to sell and some might have bought in Dec 2017 and are waiting to profit (less likely especially with $20bn but a few M mightve been held until people woke up to the ath being passed).
I assume the metric is just coins moving? If so $20Bn sounds quite optimistic for bitcoin throughput... Most healthy traders/investors might preset targets at which to sell and some might have bought in Dec 2017 and are waiting to profit (less likely especially with $20bn but a few M mightve been held until people woke up to the ath being passed).
Not all are just holding their Bitcoins, there are some who sell too and it's nothing wrong with it
I don't think there are many of those who bought at highest peak in 2017 and still hold and if there are they are probably losing patience now.
No matter to that we all know that Bitcoin is most profitable at long term so those the most patient will be rewarded.
That's why when we reached ATH again, it make sense for them to sell at least to get break even and then strategized again. That's a long hold and I would say rewarding because they got their money back.
December 12, 2020, 11:58:07 AM
If you really have the measure into which you could count, how many people would HODL more be compared to those people who would sell when reaching near ATH and selling it at the possible top. You would know the behavior of people in general involved in the cryptocurrency space. Anyways, if you have the stash and the capability to sell some of it, why not? Aren't we all wanting to gain more from trading it? It doesn't mean ultimately that you don't support it, but we need to have some for ourselves, and people are doing that by selling coins. Don't you agree?
I wasn't aware of this metric though, thanks for sharing OP.
I wasn't aware of this metric though, thanks for sharing OP.
December 12, 2020, 11:46:04 AM
I believe that those who sell BTC during ATH are the ones who book profits because they've bought BTC for the sole purpose of making profits through it, not to forget those who buy their coins during ATH. Now tell me, how can it be bad when there are not just sellers alone who sell BTC at its high but believers and long term hodlers who see so much potential in BTC that they even enter the markets when it is at its peak. Corrections are a part of this cycle due to which those sells do happen, so it can't be called bad unless there's a straight down crash of more than 50-60% like we see in some shitcoins (BTC even survived that TBH).
December 12, 2020, 11:32:20 AM
People who buy fiat during an ATH aren't hodlers. They're members of the Cult of Tard.
Real hodlers keep their profits in Bitcoin and only buy fiat when absolutely necessary.
Don't confuse hodlers/investors with tarders/gamblers.
Tarders buy and sell willy-nilly according to the price. Hodlers steadfastly maintain their positions because they see the long-term potential of Bitcoin.
That's a big difference between Bitcoin and Crypto. Bitcoin has many investors who actually hodl. Crypto mainly appeals to gamblers addicted to buying and selling, seeking fiat "profits".
Real hodlers keep their profits in Bitcoin and only buy fiat when absolutely necessary.
Don't confuse hodlers/investors with tarders/gamblers.
Tarders buy and sell willy-nilly according to the price. Hodlers steadfastly maintain their positions because they see the long-term potential of Bitcoin.
That's a big difference between Bitcoin and Crypto. Bitcoin has many investors who actually hodl. Crypto mainly appeals to gamblers addicted to buying and selling, seeking fiat "profits".
December 12, 2020, 07:59:05 AM
Not really. Most still hodl I believe but there are definitely many sellers also. Many of Bitcoin owners are profit-oriented. They take the opportunity of making money out of Bitcoin's ATH. But then they buy back once the price is already correcting. That is one of the better ways to make their Bitcoin grow big. I think it is our goal, yours and mine, that our Bitcoin will not just grow in value but also increase in amount.
December 12, 2020, 05:50:35 AM
Let's face it, the majority of people buy bitcoin as an investment and it makes absolute sense to sell your investment when it hits the all time high. After that point it is usually a case of waiting for the inevitable correction and possibly taking less profit after a heavy drop. It is evident that there are large institutions now making big money from Bitcoin and if they bought lots up at $15,000 and it reached $20,000 then a profit of 25% for a few months is better than most funds could ever hope to achieve in a great year. You're thinking too small scale if you're expecting everyone to hold forever.
December 12, 2020, 04:51:59 AM
People also did breakeven on Bitcoin, especially those people who bought at the peak on previous all-time-high last 2017- 2018. If you also zoom out the chart, we are in the double top especially on higher timeframe, so people may consider that bearish pattern which lead to these dumps few days ago.
We can't blame these people. But me, I still continue to HODL.
We can't blame these people. But me, I still continue to HODL.
December 11, 2020, 02:13:09 PM
I find it good. And if somebody successfully sold a coin, then somebody successfully bought a coin.
Even more than that, it's fixing the fundamental problem of concentrated supply that Bitcoin is often criticized for.
As the years go by, more and more coins accumulated by early adopters get distributed to exponentially larger numbers of later adopters. So over time, whales controlling large portions of the total supply will become increasingly uncommon. They won't be able to push price around nearly as much as they can in these early years.
I'm a firm believer in crypto, but I don't believe in HODL. Coins should be used to make more coins, not to collect dust in wallets.
I'm a believer in both. People who want to save money should hold. People who want to spend money should spend. The key is a total lack of intermediaries or external controls (like government capital controls) restricting our financial freedom. That's what Bitcoin is about.
December 11, 2020, 12:01:16 PM
Well, at highs people will not hold, that is the expected result. Aren't we the ones who keep saying "buy low, sell high"? Isn't that the most common saying in trading world? People need to buy and sell in order to make a profit, and what makes you the most profit while buying? Buying at the bottom, find the price that is the absolute lowest point of it before it goes up right? Well same goes for super highs as well, we have increased over all time high which to many people were level where they should be selling as well.
At this point I can't blame anyone who wants to sell, I hope price doesn't drop too much, we do not need bitcoin to be 10k or anything because of sales since that would negate all of this, but if it keeps above 17k and not go over 20k that would make sense.
At this point I can't blame anyone who wants to sell, I hope price doesn't drop too much, we do not need bitcoin to be 10k or anything because of sales since that would negate all of this, but if it keeps above 17k and not go over 20k that would make sense.
December 11, 2020, 09:45:22 AM
I find it good. And if somebody successfully sold a coin, then somebody successfully bought a coin.
I'm a firm believer in crypto, but I don't believe in HODL. Coins should be used to make more coins, not to collect dust in wallets.
I'm a firm believer in crypto, but I don't believe in HODL. Coins should be used to make more coins, not to collect dust in wallets.
December 11, 2020, 07:23:55 AM
Someone's going to sell the top and someone's going to sell the bottom.
I assume the metric is just coins moving? If so $20Bn sounds quite optimistic for bitcoin throughput... Most healthy traders/investors might preset targets at which to sell and some might have bought in Dec 2017 and are waiting to profit (less likely especially with $20bn but a few M mightve been held until people woke up to the ath being passed).
I assume the metric is just coins moving? If so $20Bn sounds quite optimistic for bitcoin throughput... Most healthy traders/investors might preset targets at which to sell and some might have bought in Dec 2017 and are waiting to profit (less likely especially with $20bn but a few M mightve been held until people woke up to the ath being passed).
December 11, 2020, 03:31:51 AM
The largest spikes in days destroyed took place after bubble pops, in 2014 and 2018. I think this is a case where we need to keep in mind that these spikes in days destroyed can get much bigger.
Without looking too deeply into it I wonder if these spikes exaggerate the amount of actual selling happening, being that the metric is amplified by coin age, and that we can't be sure those coins are entering exchanges.
Without looking too deeply into it I wonder if these spikes exaggerate the amount of actual selling happening, being that the metric is amplified by coin age, and that we can't be sure those coins are entering exchanges.
December 11, 2020, 01:24:30 AM
The coins days destroyed indicated people sell more all-time highs
What do you think of this metric? good bad etc?
https://blockchair.com/bitcoin/charts/coindays-destroyed?interval=full
What do you think of this metric? good bad etc?
https://blockchair.com/bitcoin/charts/coindays-destroyed?interval=full
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