Hodlers Are Unfazed Amidst Speculator Risk Off

SEP 22, 2021 • 3 Min Read

Disclosure: Delphi Ventures and members of our team hold BTC. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

Key Takeaways

  • Despite experiencing a heavy sell-off over the last few days, long-term holders seem to be unfazed and continue to HODL. According to Glassnode’s on-chain data, this cohort continues to accumulate.

  • The Evergrande contagion scare has driven Bitcoin’s correlation to the S&P 500 to recent highs (1M moving average). This reinforces the fact that this move down in crypto markets was part of a wider risk-off move.

  • In a truly bipolar fashion, the Crypto Fear & Greed Index went from 79 (extreme greed) on the 7th of September to 21 (extreme fear) today. As mentioned in Monday’s Daily, we are witnessing some deleveraging as BTC Futures OI is currently at $13.1b after peaking at $18.6b on the 6th of September. Historically, the Extreme Fear level has presented good buying opportunities.

  • Google Search Interest reveals that NFTs are generating much greater interest online relative to DeFi. What’s more surprising is – on two separate occasions (mid-March and end-August) – NFTs had nearly as much search interest as Ethereum!

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