Bitcoin plunged 46% from its all-time high above $126,000 to briefly below $61,000 during February, wiping out more than $1 trillion in market value in one of its sharpest corrections since the collapse of FTX.
Despite the sell-off, a survey of 1,006 US bitcoin holders conducted by Oobit found that 85% did not sell any bitcoin during the downturn, while nearly three-quarters said they would continue holding even if prices fell further.
Only 8% of respondents admitted to panic selling, with anxiety and hope cited as the dominant emotions at 39% and 38% respectively, underscoring the persistence of so-called “diamond hands” among retail investors.
The survey also found that 66% of holders believe bitcoin will reach a new all-time high, with Gen Z investors leading optimism at 70%, and a median 12-month price forecast of $75,000, while 25% reported buying the dip.
Oobit’s analysis of more than 117,000 Reddit posts showed sentiment running nearly two-to-one positive even at the height of the crash, with bullish posts generating stronger engagement than bearish commentary, and following the announcement the Oobit share price was unchanged at $N/A.
By Feb. 12, bitcoin had recovered to $66,221, although sentiment lagged price action, with the analysis indicating that volatility in charts outpaced swings in investor conviction by more than double.
The findings suggest that while February’s correction rattled markets, the majority of holders remain confident in bitcoin’s long-term trajectory, reinforcing a pattern of resilience that has characterised previous downturns.
At the time of reporting, Bitcoin price was $66,663.85.