Long-term Bitcoin holders have been selling a significant amount of coins as the price of Bitcoin dips to around $93,000. This has resulted in the distribution of $60 billion worth of Bitcoin supply in the last 30 days, the highest amount seen in the current cycle. The on-chain analyst, known as Checkmate, states that there are three criteria to signal the emergence of a bear market, and believes that Bitcoin is being increasingly viewed as a long-term store-of-value asset similar to gold. Despite the sell-off, the analyst believes that Bitcoin is special and has a role in investment portfolios. Bitcoin is currently trading at $94,700.



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