Bitrabo Editorial
Despite the recent legal actions taken by the US Securities and Exchange Commission (SEC) against Binance and Coinbase exchanges, long-term Bitcoin (BTC) holders have shown remarkable resilience. According to Glassnode, a crypto markets analytics provider, the percentage of Bitcoin long-term holder supply sent to exchanges remains at a mere 0.004%. This demonstrates their commitment to the world’s leading cryptocurrency, even in the midst of regulatory turmoil.
Long-term holders are defined as those individuals who have held onto their BTC for more than 155 days. Glassnode’s data analysis has shown that these individuals are unlikely to sell their assets on embattled trading platforms. Despite the prevalence of FUD (fear, uncertainty, and doubt) in the market, their unwavering belief in BTC’s potential to revolutionize the financial world has kept them undeterred.
Bitcoin poses a unique challenge for the SEC’s efforts to classify digital assets as securities. The Howey Test, which determines whether something is an investment contract and thus a security, does not fit the unique attributes of BTC. The SEC’s current chairman, Gary Gensler, and former chief, Jay Clayton, have repeatedly expressed the belief that BTC does not fall under the definition of a security.