Early US ETF investors who bought Bitcoin approximately 172 days ago are now classified as long-term holders (LTHs). These investors are seeing a return of about 7% with an average cost basis of $58,049 as Bitcoin currently trades above $62,000.
Despite experiencing a 20% correction in June, with the cost basis dropping to $57,600, these LTHs continued to buy, showing a strategy of purchasing the dip. Similarly, when Bitcoin hit $56,500 on May 1, the average cost basis was $56,300, indicating support provided by LTHs during market drawdowns.
This behavior highlights the resilience and strategic buying patterns of long-term holders, who are less reactive to short-term price fluctuations compared to short-term holders. The launch of the Bitcoin ETF in the US has shifted these early investors into the long-term holder category.
The article was originally posted on CryptoSlate.
