By Bitcoin Moheni - 2 tau ki muri - Te Wa Panui: 2 meneti
Kei te Hoko Nga Kaipupuri Roa Te Bitcoin Utu Runga?
He wa roa bitcoin holders typically stack sats in bear markets and then sell some for profit at the local price top.
Ko te mea i raro nei mai i tetahi putanga o te Deep Dive, Bitcoin Ko te panui hokohoko moni a te maheni. Kia noho i roto i te hunga tuatahi ki te whiwhi i enei maaramatanga me etahi atu mekameka bitcoin te tātari maakete tika ki to pouakaroto, ohauru inaianei.
One of the most common patterns in bitcoin’s on-chain history is that of the long-term holders stacking sats during bear markets and then selling some of their positions for profit-taking near the tops of bull markets. Right now, long-term holder supply is hitting new all-time highs as we brace for bitcoin’s next bull move up.
We last covered long-term holder supply profit dynamics in Te Ruku Ia Ia #078. The definitions of Glassnode’s long-term holders and short-term holders can be found ki konei.
As new demand enters the market in the later stage of the bull cycle, long-term holders sell bitcoin to new market entrants, i.e., short-term holders, until the market selling and buying is exhausted. This typically signals the local market price top as new demand is eager to buy at any price. Price then cools off and long-term holders start accumulating again.
Source: KihiataOver the summer, as the bitcoin price fell over 50%, bitcoin entered a mini-bear-market-type environment where long-term holders took the opportunity to stack supply at a rate that we haven’t seen happen before during a bull cycle.
This behavior propelled the long-term holder supply to new all-time highs as long-term holders now anticipate higher prices expecting new retail, institution and futures ETF demand to come into the market. Now, we’re still seeing long-term holders add to their holdings, but at a slightly decelerating rate compared to earlier in the summer
Source: KihiataKuputuhi taketake: Bitcoin moheni