Bitcoin long -term holders (LTHS) have already made more benefits in this cycle than in all previous cycles except a (2016 to 2017)According to data from the Glassnode chain analysis platform.
This highlights high pressure from the sale and, when combined with other signals, suggests that the market has entered the late phase of the cycle. “
Since the beginning of 2024, LTHS (defined as investors who held Bitcoin for at least 155 days) carried out 3.27 million BTCs in profits. This figure has now exceeded the bull 2021 (just over 3 million BTC) And is ahead of the 2013 cycle. However, it still follows the 2017 Bull Run, when the profits made reached 3.93 million BTC.
For the context, the average Bitcoin price was $ 1,000 in 2015, compared to today’s levels which are approximately 100 times higher. This underlines that the market has absorbed a much greater dollar value of profits made. The sales offer was enormous, with an ongoing capital rotation, including long “OG” parts.
A recent market activity illustrates this dynamic: around 80,000 BTCs have been registered for sale at Galaxy, while 26,000 other BTCs have recently become active.
In total, around 100,000 BTCs were put up for sale and the market experienced a slight correction, which shows how liquid the market has become. Fund negotiated in exchange (ETF) played a role in facilitating this rotation, while trading volumes have also developed through the market.
