Ethereum is getting gutted during this market downturn, losing 60 percent of its value in the last three months alone. Despite the nosedive, enigmatic Ethereum founder Vitalik Buterin has held steadfast. From all-time highs in January, Buterin has lost nearly $470 million in the value of his ETH holdings. That said, he has shown no indication of panic selling, instead displaying hands of steel.
The recent market downturn has shaken HODLers to the core. In light of catastrophic losses ranging from 75-95 percent from market highs, some of even the staunchest of bulls have renounced their convictions to become doomsday bears.
The sentiment is visible across all social media platforms. On Twitter, one prominent figurehead for SODLers, Altcoin Thoreau, has seen a massive uptick in pledges as former altcoin maximalists pray for forgiveness:
Thoreau our father, I know that I am a shitcoin sinner and I ask for Your forgiveness. I believe You liquidated bulls for my sins and rose from the dead. I trust and follow You as my lord and savior. In the name of Satoshi, amen. I pledge my full allegiance to @cvrbonbased
— CryptoScalpro (@scalpmaster99) November 25, 2018
On Reddit, the signs of capitulation are even more evident. One Reddit post, in particular, embodies the sentiment, with the author selling at $6,000 loss per Bitcoin. In an excerpt taken from the post and translated from Redditese:
“All of the ‘optimists’ here are just bag holders waiting to dump at $10k. And if BTC prices are based on ‘demand,’ then it’s going to keep getting dumped and dumped again. It was a bubble, I’m just being a realist here. People keep telling the ‘greater fool’ to buy the dip just to unload their own steaming bags.”
Others on Reddit, in disbelief, say it’s not a loss until a cryptocurrency investor panic sells:
The mass bull liquidation has left remaining HODLers shaken. However, there are still many unfazed by the double-digit drops, indicating that such movement will consolidate crypto holdings into stronger hands:
Every bitcoin sell off consolidates bitcoin ownership into stronger hands, reduces liquidity, and preps the next bull cycle.
— Matt Odell (@matt_odell) November 21, 2018
While some claim on Twitter that institutional investors and whales are using this as an opportunity to gorge themselves on cheap Bitcoin:
Investors, with bitcoin trading under $4,000:
Retail: "should I sell and buy back lower? should I open a short? should I just give up? is it going to zero? was this whole crypto thing a scam after all?" 📉😱
Institutions: "please keep selling us cheap bitcoin. thank you." 😆💰
— Jake Chervinsky (@jchervinsky) November 25, 2018
Ethereum founder Vitalik Buterin is staunchly in the HODLer camp, remaining focused on building the technology rather than panic selling. In a display of strength, Buterin has left his hands in the furnace with his wallet of 355 thousand or so Ether largely untouched.
In all, Buterin has endured staggering losses amounting to $467 million from market highs.
In contrast, Buterin could have just as easily SODLed himself like Litecoin counterpart Charlie Lee. Lee sold his entire stake of Litecoin to remove any potential ‘conflict of interest’ at the peak of the market in January:
Whatever the reason for Vitalik’s strength, he is a beacon of inspiration to bulls and HODLers everywhere. In dark times like these, it is bag holders like Buterin that give us the strength to carry onwards.
Cover Photo Mervyn Chan by Unsplash