The behavior of long-term Bitcoin holders is different in this cycle compared to previous cycles, as they are not selling their holdings as aggressively during bull runs. This suggests that the dynamics of Bitcoin's bull market cycles may be changing. Long-term holders are reported to be "stacking up" coins and taking a more disciplined approach to selling, possibly in preparation for a short-term rally. Despite a slight dip in the past 24 hours, 93% of all Bitcoin holders are still making money at current prices. Short-term holders offloaded a significant amount of Bitcoin to exchanges, indicating panic selling during price drops. The majority of Bitcoin holders (71%) hold the cryptocurrency for more than a year. There is a 74% chance, according to Polymarket bettors, that Bitcoin will hit a new record high this year, as it is currently 8% away from its all-time high achieved in April.
- Content Editor ( u.today )
- 2024-11-04
Here's Why This Bitcoin Market Cycle Is Different