Holdings in personal wallets at record high
The volatility in cryptocurrencies seems not to have rattled investors too much over the summer.
A report from industry research firm Chainalysis reveals that both investors and speculators in bitcoin held their positions in the May-August 2018 period.
Around 22% of available bitcoin was held by speculators while 30% was held for investment.
The analysts say that the stability of holdings shows that markets are less sensitive to hype and suggesting that rather than reacting to every news item, the market will be majorly affected by fundamental changes such as regulatory or technological.
Chainalysis also believes that the bitcoin market has moved on from the initial stage of adoption.
Record high for personal wallets
The firm says that the level of bitcoin held in personal wallets – so not by institutional or long term investors – has reached a new high.
A record 4.8 million bitcoin held by individuals (32% of available) was in some level of transactional activity at August 31, up from 3.8 million (26%) a year ago.
Despite the activity, an overwhelming 6.8 billion bitcoins are held as inactive investments by institutions or individuals.
