Cryptocurrency investors found something to cheer about amid the recent downturn in digital tokens: the asset class held up better than just about everything else in the third quarter. Yet the hunt for a bottom continues as long-term holders cling on with expectations that there’s more pain to come — and retail investors stay on the sidelines.

Even with the narrative going around that crypto hung tough in the July-September stretch, the mood has remained sour. While around 83,500 new digital wallets are coming online daily, that’s a low for the 2020-2022 cycle, according to data compiled by strategists at Glassnode.

Meanwhile, wealth held by "mature coins” is at an all-time high, the researcher said, as long-time investors have refused to spend them amid the market turmoil. The group of investors who "hodl" through thick and thin — meaning those who remain loyal even during tough times — has remained "steadfast,” according to Glassnode, which said that they might be hunkering down "for the storms ahead.”