Short-term bitcoin holders (STHs) have accumulated 1.5 million BTC since September, bringing the total to over 4 million BTC. This suggests that new market participants may continue to accumulate, potentially allowing the bitcoin bull market cycle to continue. In contrast, long-term holders (LTHs) have sold 1.2 million BTC during the same period, indicating profit-taking and contributing to the stagnation of bitcoin's price since mid-November.



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