recent decline in price has sent shockwaves across the crypto sector. However, despite the decline in price, HODLers remained positive.Bitcoin HODL waves indicated that Only less than 10% of Bitcoin had been moved in the last months, the majority of the tokens were being HODLed by the addressees.
On the other hand, this could also mean that investors may be unwilling to sell their Bitcoin at a price lower than what they bought it for and are reluctant to sell their BTC at a loss.However, according to the Bitcoin cycle indicator, the market is the least bullish it’s been since September 2023. A significant drop in hash rate could weaken the security of the Bitcoin network, making it more centralized.
However, a network hashrate drawdown is also indicative of a market bottom. If history repeats itself, the price of Bitcoin could rally in the future.