Pizza Day Shows Bitcoin Holders Prefer to HODL

I think if most holders thought that way, there wouldn’t be many long-term whales left; people would have bought or sold BTC at higher prices than they actually did. The market’s distribution reflects many who preferred to hold through large moves rather than transact.

That’s why Pizza Day stands out — it’s a reminder that people hesitated to spend BTC and chose to keep it instead of using it for everyday purchases.