Long-term holders are making large-scale transfers of Bitcoin, which may slow down the upward trend but not end it.
Analyst @AxelAdlerJr from @cryptoquant_com stated:
Currently, the market is experiencing an unusually high monthly Coin Days Destroyed (CDD) and annual CDD ratio (0.25) when Bitcoin prices are in the range of $106,000 to $118,000. This value is close to the historical highs of 2014 and the levels during the 2019 correction.
This indicates that long-term holders—investors who have not moved their Bitcoin for many years—are making large-scale transfers to the market. Such a surge in CDD typically means that experienced players are actively distributing their chips. Meanwhile, institutional demand for funds and inflows into Bitcoin ETFs remain high, so this round of chip distribution is unlikely to end the current upward trend, at most it will slightly slow down its pace.
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