According to on-chain analysis by Glassnode, Bitcoin is being transferred from experienced long-term holders to new investors, indicating a wealth transfer. This phenomenon is common across cycle inflection points.
The 1-day to 3-month band has increased from the cycle low, and the 1-year HODL wave is expected to trend down as BTC prices move up.
Bitcoin prices have now moved above several key long-term indicators, including the 200-week moving average and the Realized Price. Despite the expectation of more volatility, crypto markets remain sideways with BTC trading at $26,952 at the time of writing.
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