Did Bitcoin's drop to $ 10.000 worry hodlers?

Last week, when Bitcoin, the world's largest cryptocurrency, dropped to nearly $ 10.000, here is the quotation in real time, the markets became tense. After nearly a month of Bitcoin hovering above $ 10.000, with peaks pushing towards the $ 12.000 mark, a massive 13% drop in two days was cause for concern.

But now, a week after the fall, are the hodlers' hopes still affected, or has it simply been put on the back burner?

The Bitcoin background

According to a recent report from Chainalysis Market Intel, last week's sharp drop in prices hasn't changed the sentiment of hodlers. The report says that in the past, when prices have dropped dramatically, Bitcoins sent have gone up between 5% and 25%.

With Bitcoin "sent" we mean the amount of cryptocurrency sent to exchanges with the aim of liquidating by fiat currency, stablecoin or altcoin. The biggest events that generated the highest Bitcoin sent rates were at the end of 2017, when the price soared to nearly $ 20.000 and then plummeted precipitously, dropping to $ 4.000 in the last quarter of 2018 and the collapse in March 2020 when the price dropped below $ 3.800. In this context, last week's decline had no similar effect on Bitcoin sent to exchanges.

The effects on Ethereum hodlers

A similar analogy can also apply to Ethereum. The swing in the price of the altcoin was much sharper than that of Bitcoin, with an increase that marked a two-year high last month before the recent correction.

Ethereum markets can be said to have seen "a bit of panic" with 4,7 million ETH sent to exchanges and a loss of 5 to 25 percent, 10 times more than the previous week. The biggest losses were contained at just 78.000 ETH. "So, as with Bitcoin, Ethereum holders also don't seem to think that prices will drop further."

A broader view on Bitcoin's behavior

Bitcoin closed another week trading over $ 10.000, which represents the seventh consecutive five-figure week. In Bitcoin's price history, the cryptocurrency has never spent more than 8 consecutive weeks over $ 10.000.

Between June and August 2019, the price was over $ 10.000 for 11 weeks, but was briefly interrupted by a slight drop in late July; and from November 2017 to January 2018, Bitcoin's price remained above the threshold for only seven full weeks.

Based on this data, if Bitcoin closes over $ 10.000 the next two weeks, it would be the first time in its pricing history. If Bitcoin hodlers continue to hold their coins, this trend is likely to be confirmed and the price will hold up.