Long-term Bitcoin holders are showing classic bull market behavior as the price of BTC increases, according to on-chain data resource Look Into Bitcoin. The Value Days Destroyed (VDD) Multiple, which measures periods of inactivity each time an amount of BTC moves on-chain, suggests that older coins are beginning to enter the market to be sold as longer-term participants look to take profits.
The VDD Multiple currently measures 1.32, narrowly behind its 2023 peak of 1.37 seen in April, indicating a "1st stage bull market." Glassnode data shows that both long-term and short-term holders are considerably in the black, with LTH coins worth 1.52 times more than when they last moved.
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