Despite 47% price drop, Bitcoin traders are not selling
Bitcoin faced a dramatic market correction in early 2026, dropping 46% from its all-time high of $126,000 and briefly falling below $61,000 on February 6th.
The decline wiped out more than $1 trillion in market value and sparked headlines warning of a defining moment for cryptocurrencies. Social media feeds were filled with reactions, but most holders remained on the sidelines.
Oobit’s survey of 1,006 US Bitcoin holders and sentiment analysis of 117,630 posts across 10 major crypto subreddits reveals that fear did not lead to widespread selling.
Emotional responses were dominated by anxiety and hope, with 39% of carriers reporting anxiety and 38% reporting hope.
Despite the turmoil, 69% of respondents had neither sold nor planned to sell their holdings. This shows what is often referred to in the community as a “diamond hand.” Only 8% were classified as true panic sellers.
72% of anxious holders still intend to hold, and 64% of fearful holders said the same.
Overall, 75% said they would maintain their position even if prices continued to fall. The survey shows that fear and hope often coexist, with 86% of respondents reporting experiencing both emotions while holding Bitcoin.
Bitcoin recovery is coming
Investors are also hopeful that the economy will recover. Two-thirds (66%) of Bitcoin holders expect Bitcoin to hit a new all-time high, with a median 12-month price forecast of $75,000.
Expectations varied by demographic, with Gen Z participants being the most bullish at 70%, compared to 60% of baby boomers. High income earners (over $100,000) expected the average price to be $80,000, while those earning less than $100,000 expected it to be $72,000.
Market behavior during the recession also included opportunistic buying. About 25% of holders bought Bitcoin during the decline, with younger and higher-income investors buying more aggressively.
Sentiment on Reddit reflected the survey results. Across the 117,630 posts, positive sentiment outnumbered negative sentiment nearly 2-to-1.
Bitcoin price recovered faster than sentiment. By February 12th, the market had recovered to $66,221, but online sentiment had retreated, reflecting the ongoing emotional processing among holders.
This data suggests that investors are reacting as much on conviction as on price, with sentiment volatility during economic downturns being about one-third of price volatility.
Bitcoin is trading at $70,400 at the time of writing, after briefly trading above $75,000 this week.
Yesterday, Bitcoin fell below $70,000 to trade around $69,500 as rising energy prices and a firm stance from the Federal Reserve pushed the dollar higher and weighed on risk assets.
The drop coincided with Brent crude oil prices climbing above $114 per barrel amid tensions in the Middle East, causing a market-wide slump and sending Bitcoin down about 4% in 24 hours.
The post Bitcoin Traders Are Not Selling Despite 47% Price Drop first appeared in Bitcoin Magazine and was written by Micah Zimmerman.
