Cryptocurrency, Bitcoin (BTC)–In an interesting examination of the habits of average cryptocurrency investors, a new study purports that the majority of investors and speculators in the crypto space maintained their position throughout the summer of 2018 despite the slumping prices. While the crypto market nears the end of its ninth month of a bearish cycle that has characterized all but the first two weeks of the year, more investors have maintained their position as the industry looks to reach a relative bottom.

Per the report released by Chainalysis on Monday, which detailed the findings of the study, the majority of both investors and speculators maintained their position throughout the summer despite the declining price of cryptocurrency, with the overall market having exhibited a dampening effect on price volatility. The design of the study surrounded separating currencies by the amount of market liquidity, which the researchers found to be a good measure of speculation versus long-term holding for investment and price appreciation. The researchers concluded that more liquid coins–those exhibiting a higher amount of asset movement across the market relative to the total coin supply–were likely being used for price speculation, i.e. buyers and sellers were moving the coins on a rapid basis to capitalize on short-term market fluctuation. Investors on the other hand were denoted by currencies that exhibited relatively less liquidity, thereby signifying more of the individual coins were being held in storage or not being bought and sold on a comparable basis to the speculating group.

The result of the study came to the conclusion that both speculators and investors had maintained their position throughout the examined period of May to August, with the researchers claiming that the assets were “extremely steady” during that time. Getting into the specifics, researchers found that roughly 22 percent of the total supply of Bitcoin can be classified in the speculative category–again showing a steady maintaining of position throughout the summer. In addition, the allotted amount of investment coins came to 30 percent of the total BTC supply, which also exhibited a relative stability denoting that both long-term investors and short-term price speculators were happy with their position even in the midst of near continuous downturn in valuation for cryptocurrency.

While the conclusions of the study are variable and up for interpretation, the research did find an overall decrease in market volatility and price fluctuation for Bitcoin during the examined time. In addition to lessening volatility, Chainalysis offered a take on the data that suggested the market was responding less to hype and instead exhibiting an intrinsic and more nuanced approach to the valuation of cryptocurrency. As opposed to the boom or bust cycles which characterized most of 2017, as the market responded overwhelmingly to positive or negative news in relation to crypto, the current market has become more resistant and tolerant to the day-to-day news cycle. Chainalysis also offers that this may be related to growing adoption of the industry, with many new figures in cryptocurrency since 2017 making up a more diverse investment base, one that is interested beyond valuation or trivial news of adoption,