Glassnode Analyst: Bitcoin's current breakthrough to ATH is almost identical to previous situations
Glassnode analyst @_Checkɱate posted on social media X, stating that the situation of Bitcoin breaking through its all-time high (ATH) is almost the same as before. Long-term holders (LTH) begin to sell their tokens by leveraging new demand and liquidity, and smart investors buy low and sell high. In the previous two bull market cycles, new demand for Bitcoin was able to absorb long-term holder sales within about 6-8 months while also pushing up prices. Considering that the typical supply from long-term holders has dropped by 14%, approximately 40% of this process has been completed (only an estimate). Given the fund flow situation between spot Bitcoin ETFs and GBTC during this round of Bitcoin's ATH breakthrough, the distribution of long-term holder supplies is similar to previous situations. According to calculations, GBTC accounts for about 25% of long-term holder expenditures, while ETF demand accounts for about 40% of net capital inflows.
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