Analysis: Bitcoin Long-Term Holders Reach Cyclical Lows, Selling Pressure Eases
ChainCatcher news, according to CoinDesk, in November, the supply of long-term bitcoin holders dropped to 14.33 million, the lowest level since March, which coincided with bitcoin's pullback low of $80,000.
Currently, the price of bitcoin has rebounded to $90,000, up about 15% from the low point. Data shows that after experiencing a 36% peak-to-trough pullback, most of the spot market-driven selling pressure has subsided.
In previous cycles, the supply of long-term holders usually saw a sharp decline during the retail-driven frenzy phase that accompanied the cycle peaks, especially in 2017 and 2021. However, in this cycle, long-term market behavior has shown a more cautious distribution rather than an explosive plunge, indicating that both market structure and holder behavior have changed. The change in on-chain behavior has also broken the traditional four-year cycle structure.


Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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