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Viewpoint: Cryptocurrencies demonstrate structural resilience, with long-term holders becoming the cornerstone of market stability

ChainCatcher news, according to Cointelegraph, CEX.io CEO Oleksandr Lutskevych pointed out that the optimism in the cryptocurrency market has structural support. Data shows that under the dual impact of the Federal Reserve's interest rate hike in May 2022 and the LUNA collapse, the traditional stock market's fear and greed index plummeted by 82% to 4 points, while the cryptocurrency market index only fell by 62% to 8 points. During the global tariff policy adjustment in April 2025, the stock market sentiment index dropped sharply by 80%, hitting a three-year low, while the cryptocurrency market's decline was 59%.The market resilience stems from differences in investor structure: long-term holders (LTH) of Bitcoin control over 65% of the circulating supply, accumulating more than 300,000 BTC during the macro fluctuations from March to April 2024. This group views short-term volatility as noise and focuses more on Bitcoin's fixed supply and anti-inflation properties. Although the smaller proportion of short-term holders (STH) is easily influenced by sentiment, their selling pressure is offset by the accumulation trend of LTH.On-chain indicators support market health: Bitcoin's 1% order depth reached $500 million at the end of the first quarter, and cyclical indicators like the Pi Cycle Top have not yet reached top signals. Analysts believe that the unique volatility of the cryptocurrency market has reshaped investor expectations— a 20% pullback in the traditional market indicates a bear market, while in the crypto space, it may represent a healthy correction.
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