This #Bitcoin cycle is different from previous ones in several ways… — Nodecharts — TG.ME

This #Bitcoin cycle is different from previous ones in several ways. We have seen all-time highs before the halving, the approval of #BTC ETFs, and other important milestones. It has also been atypical in terms of breaking historical highs: after reaching them, we have not managed to consolidate above them in a few weeks, something not seen in previous cycles. We've been close to the highs for 8 months, but we haven't been able to consolidate above them and kick off the much-anticipated bullrun. In the chart, we analyzed the behavior of long-term holders (LTH), and we will observe something that we haven't seen in other cycles. · First study: Proportion of gains and losses of the inactive supply from LTH We represent the gains (in green) and losses (in red) of the inactive supply from LTH, in relation to the total (in orange). Historically, when gains represent the entire market, bullruns occur. This makes sense, as when all-time highs are reached, LTHs are not selling at a loss. · Second study: Spent supply from LTH Once again, we represent gains in green, losses in red, and the total in orange. Here, we confirm that during bullruns, all LTHs sell their bitcoins at a profit. This is also logical since, as mentioned earlier, all LTHs are in profit. · Third study: Average age of spent supply from LTH selling at a loss In this analysis, the most notable point is that we have not yet seen large areas where LTHs are selling at a loss, which makes sense since we have barely consolidated above the 2021 all-time highs. However, the most interesting and different aspect of this cycle is that, for the first time, we are seeing newly-entered LTHs selling at a loss before surpassing all-time highs. In previous cycles, like in early 2017, LTHs who sold at a loss had held their bitcoins for more than 1200 days, as the retracement period was much shorter. In this cycle, the average age is around 200 days, indicating that these users bought between March and May of 2024. This means that, for the first time, we have seen sales at a loss with so few days between purchase and sale. If we are indeed in a consolidation phase and many are buying this zone in anticipation of a bullrun, these sales represent significant liquidity for those entering the market. #crypto #cryptomarket #onchain