Wealthy Coinbase clients are still ‘hodling’ Bitcoin since December 2020, data suggests

Cointelegraph

Published May 31, 2022 09:08AM ET

Updated May 31, 2022 10:40AM ET

Bitcoin's (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.

Notably, the number of Bitcoin under Coinbase (NASDAQ:COIN) Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to "hodl" onto their investments despite BTC price being down well over 50% from its all-time highs.

Coinbase custodial wallets comparison. Source: CryptoQuant/Ki Young Ju
BTC/USDT weekly price chart. Source: PostyXBT/TradingView

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